Economic Development Incentive Agreement - Clovis Barker Business Park LP

8/13/2019 Economic Development Incentive Agreement - Clovis Barker Business Park LP

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Agenda Information

AGENDA CAPTION:

Consider approval of Resolution 2013-172R, approving a Chapter 380 EconomicDevelopment Incentive Agreement with Clovis Barker Business Park, L.P.providing incentives in the form of refunds of a percentage of real property taxes

over three years for the development of 162,000 square feet of space for lease toCommercial and Industrial users at 1600 Clovis Barker; authorizing the CityManager to execute said agreement; and declaring an effective date.

Meeting date:November 19, 2013Department:Greater San Marcos Partnership - A. CruzFunds Required:n/a Account Number:

Funds Available: Account Name:

CITY COUNCIL GOAL:Community Wellness/Encourage the Middle Class

BACKGROUND:Clovis Barker Business Park, L.P. seeks an incentive from the City to construct two specbuildings with a total of 162,000 square feet at 1600 Clovis Barker Road for lease tocommercial and industrial tenants. Many commercial and industrial businesses prefer to lease

and finish out existing buildings when looking for a place to locate or expand businessoperations rather than to build from the ground up. A Chapter 380 economic developmentincentive is recommended to encourage the availability of such lease space in order to attractbusinesses that will create jobs.

This agreement provides for three annual grant payments for construction of the two buildingsin amounts equal to a percentage of real property taxes attributable to the buildings in excess ofthe taxes assessed on the property before the buildings are constructed as follows: 100 percentin year one; 75 percent in year two and 50 percent in year three. If a building becomes fullyleased before the end of the three year payment period, the incentive will terminate as to thatbuilding, but the developer may keep any incentives already earned and paid.

The two buildings are to be finished on or before March 31, 2015.

ATTACHMENTS:ResolutionAgreement

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RESOLUTION NO. 2013- R

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN

MARCOS, TEXAS APPROVING A CHAPTER 380 ECONOMIC

DEVELOPMENT INCENTIVE AGREEMENT WITH CLOVIS BARKER

BUSINESS PARK, L.P. PROVIDING INCENTIVES IN THE FORM OFREFUNDS OF A PERCENTAGE OF REAL PROPERTY TAXES OVER

THREE YEARS FOR THE DEVELOPMENT OF 162,000 SQUARE FEET

OF SPACE FOR LEASE TO COMMERCIAL AND INDUSTRIAL USERS

AT 1600 CLOVIS BARKER; AUTHORIZING THE CITY MANAGER TO

EXECUTE SAID AGREEMENT; AND DECLARING AN EFFECTIVE

DATE.

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS,

TEXAS:

PART 1. The attached Chapter 380 Economic Development Incentive Agreement(the Agreement) is hereby approved.

PART 2. The City Manager is authorized to execute the Agreement on behalf of the

City.

PART 3. This Resolution shall be in full force and effect immediately from and

after its passage.

ADOPTED onNovember 19, 2013.

Daniel Guerrero

Mayor

Attest:

Jamie Lee Pettijohn

City Clerk

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Economic Development Incentive Agreement - Clovis Barker Business Park LP

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