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<br /> f)Ft ~i t r'J <br /> ". ' " <br /> I.J u i~ ;~ ~ 2 <br />under its leasehold agreement to pay all of the ad valorem taxes <br />imposed by the City on the Property. <br />D. The Property is not part of an improvement project <br />financed by tax increment bonds. <br />E. This Agreement is entered into subject to the rights of <br />the holders of outstanding bonds in the city. <br />F. The Property is not owned or leased by any member of the <br />San Marcos City Council or any member of the City Planning <br />Commission or any member of the City Zoning Commission or any <br />member of the governing body of any taxing uni ts adopting this <br />Agreement. <br />G. All proposed improvements, as described in part II, below <br />shall conform to all applicable City ordinances and regulations, <br />including but not limited to the City's Construction Codes, Master <br />Plan, Subdivision Ordinance and Zoning Ordinance. <br /> 2. <br /> PROPERTY IMPROVEMENTS AND JOB CREATION <br />A. HEB agrees to construct improvements (the "Improvements") <br />to existing warehouse facilities on the Property and to install <br />certain equipment (the "Equipment") within the facilities, the <br />total estimated value of the Improvements and the Equipment being <br />approximately $3.1 million. The Improvements will include the <br />installation of air ventilation and coolers and remodelling of a <br />break room and offices and the Equipment will include conventional <br />and drive-in inventory racks, a communications system, and security <br />