Laserfiche WebLink
<br />TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br />AND GENL YTE GROUP, INC. FOR DEVELOPMENT <br />OF MANUFACTURING FACILITY <br /> <br />September 20 <br />This tax abatement agreement (this "Agreement") is entered into effective ,2006 <br />between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Genlyte <br />Thomas Group, LLC ("Genlyte"). <br />PART 1. GENERAL PROVISIONS <br /> <br />Section 1.01. This Agreement is authorized and governed by the Property Redevelopment <br />and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the City's Economic <br />Development Incentives Policy (the "Policy"). <br />Section 1.02. Genlyte owns Lot 1-B of the Wide Lite Unit 1 Subdivision (the "Property") in <br />San Marcos, Hays County, Texas. The Property meets the eligibility criteria for tax abatement under <br />the Policy. The Property is situated within the City of San Marcos Reinvestment Zone No. 22 <br />designated by separate ordinance by the City Council. <br />Section 1.03. The Property is not part of an improvement project financed with tax <br />increment bonds. <br /> <br />Section 1.04. This Agreement is subject to the rights of the holders of outstanding bonds of <br />the City. <br />Section 1.05. The Property is not owned or leased by any member of the San Marcos City <br />Councilor any member of the City Planning and Zoning Commission. <br />Section 1.06. Genlyte agrees to ensure that all of the improvements described below will <br />conform to all applicable City ordinances and regulations, including but not limited to the City's <br />Master Plan, and Chapter 5-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, <br />and Chapter 86, Utilities, ofthe San Marcos City Code, and Chapters 1 through 8 of the City's Land <br />Development Code. <br /> <br />PART 2. PROPERTY IMPROVEMENTS <br /> <br />Section 2.01. Genlyte intends to remodel an existing 57,000::1: square foot building on the <br />Property into a manufacturing facility (the "Facility") at a cost of approximately $1,000,000. The <br />Facility will be equipped with manufacturing, processing and handling equipment (the <br />"Equipment"), and the Facility will be used to store an inventory of completed manufactured <br />