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"Required Use" shall mean the Company's continuous use and occupancy of the <br />7"roperty as a Home 2 Suites Hotel by Hilton and event space. <br />• - • • ♦ s . • 1 # -ROOM• • • - <br />Receipts""Sales Tax r • of - from <br />the Hotel's • • of - Sales and being - • - f - •+ • • that the <br />one • one quarter .-receipts• - for its participation • • of general funds), <br />ChapterHotel premises. Sales Tax Receipts shall not include any receipts generated by the <br />quarter percent (.25%) economic development sales tax collected by City pursuant to <br />la of - Texas Local• - ^ ••e <br />- s - - - • - COME= • • • • - •ii <br />"Taxable Items" shall mean both "taxable items" and "taxable services" as those <br />terms are defined by Chapter 151, Texas Tax Code, as amended. <br />• •4"LAIMAIaN <br />3.1 Annual Property Tax Grants. (a) Subject to the Required Capital <br />Required - and continued satisfactionof all the terms and conditions of <br />this Agreement, and the obligation of the Company to repay said Annual Property Tax <br />Grants pursuant to Article VI hereof, the City agrees to provide five (5) Annual Property <br />Tax Grants in an amount equal to one hundred percent (100%) of the taxes assessed <br />upon the increased value of the Propertyover - value of the Property of January 1, <br />2022, for the calendar years 2024, 2025, 2026, 2027, and 2028. <br />(c) In consideration for this ad valorem tax -based incentive, the Company <br />Agrees to make or cause to make the Required Capital Investment, complete the <br />Improvements, and open for business within eighteeniu months of Date <br />