Res 2006-182 - Laserfiche WebLink

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I TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND THOMPSON SUPPLY, INC. FOR CONSTRUCTION OF DISTRIBUTION FACILITIES IN SAN MARCOS REINVESTMENT ZONE NO. 12. This tax abatement agreement (this "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Thompson Supply, Inc. ("Thompson"), a corporation licensed to do business in the State of Texas. PART 1. GENERAL PROVISIONS I Section 1.01. This Agreement is authorized and governed by the Property Redevelopment and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the Economic Development Incentives Policy (the "Policy") adopted by Resolution on May 3,2005. Section 1.02. Thompson is purchasing, in fee, a four acre tract of property (the "Property"), out of a 30 acre, more or less, tract of land located on Clovis Barker Drive in San Marcos, Hays County, Texas, legally described as shown in the attached Exhibit "I." The Property is situated within the City of San Marcos Reinvestment Zone No. 12 designated by separate ordinance by the City Council; and, the Property meets the eligibility criteria for tax abatement under the City's Economic Development Incentives Policy. Section 1.03. The Property is not part of an improvement project financed with tax increment bonds. Section 1.04. This Agreement is subject to the rights of the holders of outstanding bonds of the City. Section 1.05. The Property is not owned or leased by any member of the San Marcos City Councilor any member of the City Planning and Zoning Commission. Section 1.06. Thompson agrees to ensure that all ofthe improvements described below will conform to all applicable City ordinances and regulations. PART 2. PROPERTY IMPROVEMENTS I Section 2.01. Thompson intends to purchase a four acre tract of land and construct thereon a 12,000 square foot building at a total cost of approximately $ 750,000 (land and building hereinafter referred to as the "Facility"). Section 2.02. Thompson will ensure that the construction of the building is completed by December 31, 2007.