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129. <br /> <br /> TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br /> AND GLOBAL ROCK INVESTMENTS, LTD. FOR REDEVELOPMENT <br /> OF IHLTAIL SPACE IN SAN MARCOS REINVESTMENT ZONE NO. 3 <br /> <br /> This tax abalement agreement (this "Agreement") is entered into between tile City of San <br /> Marcos, Texas (the "City"), a Texas municipal corporation, and Global Rock Investments, Ltd., <br /> ("Global Rock"), a Texas Ii,hired partnersbip. <br /> <br /> PART 1. GENERAL PROVISIONS <br /> <br /> Section 1.01. This Agreement is autl~orized and governed by tile Property Redevelopment <br /> and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by tile City's Policy on Tax <br /> Abalement and Economic Development Incentives (the "Policy") adopted by Resolution on Februao, <br /> 11,2002. <br /> <br /> Section 1.02. Global Rock is lhe owner of the 0.11 acre tract of property (the "Property") <br /> iocaled at I00 West Hopkins Street, in San Marcos, Hays County, Texas, as described in Ihe field <br /> hole description atlached to this Agreement as Exhibit A. Tbe Property meets the eligibility criteria <br /> for tax abalement uuder the Policy. The Property is situated wilhin the City of San Marcos <br /> Reinvestment Zone No. 3 designated by separate ordinance by the City Council. <br /> <br /> Section 1.03. The Property is no1 part of an improvemenl project financed with tax <br />increment bonds. <br /> <br /> Section 1.04. This Agreemenl is subject to tile rights of the holders of outstanding bonds of <br />tile City. <br /> <br /> Section 1.05. The Property is not owned or leased by any member of the San Marcos City <br />Council or any member of the City Planning and Zoning Commission. <br /> <br /> Section 1.06. Global Rock agrees to ensure that ail of the inrprovements described below <br />will con£onn to all applicable City ordinances and regulations, including but not limited to tile City's <br />Masler Plan, mid Chapter 5-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, <br />Chapter 94-Development Stmldards, Chapter 11 O-Subdivisions, mid Chapter 114- Zoning, of the San <br />Marcos City Code. <br /> <br /> PART 2. PROPERTY IMPROVEMENTS <br /> <br /> Section 2.01. Global Rock imends to reconstruct, renovate and remodel an existing building <br />(the "Building") on the Prope~y al a cosI of approximately $500,000. Global Rock will reconstruct, <br />renovate and remodel tile first floor o£the Building to accommodate retail uses, in accordance with <br /> <br /> <br />