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HC q81974~ ~ P9S 174 I .' .1.. .\,,1 1456 010 AMENDMENT NO.1 TO TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND DAYTON HUDSON CORPORATION FOR RETAIL FACILITY REDEVELOPMENT AND EXPANSION This is Amendment No.1 to the Tax Abatement Agreement dated May 12, 1998 (the "Original Agreement") between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and the Dayton Hudson Córporation ("Dayton Hudson"), a Delaware corporation. A. In consideration of the mutual covenants contained in the Original Agreement, as modified in this Amendment No.1, the parties agree to amend the Original Agreement as follows (underlining indicates added language and overstrike indicates deleted language): 1. Section 2.01 of the Original Agreement is amended as follows: Section 2.01. Dayton Hudson agrees to have the following improvements (the "New Improvements") perfonned and constructed on the Property: Demolish existing improvements and construct a 102.000 122,000 square foot retail department store at an estimated cost of $3.300.000 4,300,000 2. Section 2.03 of the Original Agreement is amended as follows: Section 2.03. Dayton Hudson will create at least 75 tBB new full-time jobs and 509-5 part- time jobs on the Property by December 31, 1999, with a total estimated annual payroll of $1.500.000 2,000,000. 3. Section 3.02 of the Original Agreement is amended as follows: Section 3.02. The Tax Abatement will not include any inventory, materials, Of other personal property other than the mãllufaGtt11Íng equipmGnt dcsClibed ill Section 2.01, nor will it include any increase in the value of the land upon which the New Improvements are situated. 4. Section 5.01 of the Original Agreement is amended as follows: Section 5.01. The City Council may declare a default under this Agreement if Dayton Hudson: 1. fails to complete construction of the New Improvements by the deadline in Section 2.02 2:&t above;