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<br />-4- <br /> <br />8~7 <br /> <br />Qf"} <br />L ~/ ' <br /> <br />C. <br /> <br />Factory <br /> <br />Stores <br /> <br />projects <br /> <br />that <br /> <br />retail <br /> <br />sales <br /> <br />of <br /> <br />goods <br /> <br />and <br /> <br />services upon the Property will generate minimum cumulative <br /> <br />amounts of Sales and Use tax collections <br /> <br />for the Ci ty of <br /> <br />$270,000 by December 31, 1991, $853,125 by December 31, 1992, <br />$1,552,875 by December 31, 1993, $2,252,625 by December 31, <br /> <br />1994, <br /> <br />and $ 2 , 952 , 375 by December 31 , <br /> <br />1995, <br /> <br />all using the <br /> <br />City's current sales and use tax rate of one and one-half <br /> <br />percent (1-1/2%). <br /> <br />D. <br /> <br />In <br /> <br />addition <br /> <br />to <br /> <br />other <br /> <br />forms <br /> <br />of <br /> <br />consideration <br /> <br />for <br /> <br />this <br /> <br />Agreement <br /> <br />on <br /> <br />the <br /> <br />part <br /> <br />of <br /> <br />Factory <br /> <br />Stores, <br /> <br />Factory <br /> <br />Stores <br /> <br />agrees to pay to the City the sum of $70,000 on or before <br /> <br />January 1, <br /> <br />1992 as a contribution towards the purchase of <br /> <br />equipment <br /> <br />for <br /> <br />a <br /> <br />public <br /> <br />transportation <br /> <br />system <br /> <br />serving <br /> <br />the <br /> <br />citizens of the City and customers of the Property, provided, <br /> <br />that <br /> <br />such system is <br /> <br />not part of the existing San Marcos <br /> <br />public transportation system and that one purpose of such <br /> <br />system <br /> <br />is <br /> <br />to <br /> <br />provide <br /> <br />public <br /> <br />transportation <br /> <br />between <br /> <br />the <br /> <br />Property <br /> <br />and <br /> <br />downtown <br /> <br />San <br /> <br />Marcos. <br /> <br />The <br /> <br />City <br /> <br />agrees <br /> <br />to <br /> <br />contribute <br /> <br />a"t <br /> <br />least <br /> <br />an <br /> <br />equal <br /> <br />sum <br /> <br />of <br /> <br />money <br /> <br />towards <br /> <br />this <br /> <br />purchase, <br /> <br />and to use <br /> <br />these <br /> <br />funds <br /> <br />only <br /> <br />for this <br /> <br />purpose. <br /> <br />Factory Stores further agrees to construct and maintain an <br /> <br />appropriately designated stop facility upon the Property for <br /> <br />use in connection with such system. <br /> <br />III. <br /> <br />ABATEMENT PERIOD AND RATE OF ABATEMENT <br /> <br />The <br /> <br />City <br /> <br />agrees <br /> <br />that <br /> <br />100% <br /> <br />of <br /> <br />the real <br /> <br />estate <br /> <br />property taxes <br /> <br />(sometimes also called herein ad valorem taxes) imposed by the City on <br /> <br />that portion of the increase in value of the Property above the value <br />