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<br />regarding the employees for which they want to submit for the grant. Grande further agrees to <br />submit to an audit of their employment records by City staff to verify annual grant application I <br />information. Grande further understands that all applications under this Agreement must be <br />submitted on or before September 30, 2008. <br /> <br />PART 3. ECONOMIC INCENTIVES PROVIDED BY THE CITY <br /> <br />Section 3.01. As consideration for the construction of the Building and the creation and <br />retention of the jobs described in Part 2 above, the City agrees to provide the following incentives <br />and benefits to Grande: <br />1. The City agrees pay, consistent with its economic development policies and as a grant <br />under Chapter 380 ofthe Texas Government Code, $2,500.00 for each full time position created by <br />Grande as a result of the renovation. A full time position is defined as a person hired on or after <br />December 1,2006, to a full time position (at least 2,000 hours per year) with a minimum gross salary <br />of $35,000.00 who has remained employed in a full time capacity for one year. The grant will be <br />increased to $5,000.00 for each full time position, as previously defined, created for a person who I <br />lives in, or relocates to, the City of San Marcos. The total amount of this grant is limited to <br />$175,000.00, subject to funds appropriated by the City Council for economic development incentive <br />grants for each year that Grande submits an application under this agreement. <br />2. The City agrees to consider any other reasonable requests made by Grande in order to <br />assist it in the construction of the Building and related facilities. <br /> <br />PART 4. DEFAULT <br /> <br />Section 4.01. The City Manager may declare a default under this Agreement if Grande: <br />1. fails to complete the construction of the Building by the deadline in Section 2.02 above; <br />2. refuses, fails or neglects to comply with any of the terms of this Agreement, including the <br />provision for the retention of jobs in Section 2.03 above; <br />3. made any representation in this Agreement or in the application to the City for development <br />incentives that is false or misleading in any material respect; or <br />4. allows ad valorem taxes on the Property owed to the City to become delinquent (unless <br />Grande's timely and properly protests or contests the taxes). <br /> <br />I <br /> <br />Page 2 of 4 <br />