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<br />31. <br /> <br />RESOLUTION NO. 2005-----12.1. R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING THE TERMS AND <br />CONDITIONS OF A TAX ABATEMENT AGREEMENT <br />BETWEEN THE CITY AND CHUCK NASH CHEVROLET <br />BUICK JEEP FOR NEW COMMERCIAL FACILITIES PROJECT <br />AT 3209 NORTH IH-35; AUTHORIZING THE CITY MANAGER <br />TO EXECUTE THE AGREEMENT; AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council has adopted an Economic Development Incentives Policy that authorizes <br />tax abatements and waiver or modification of City development regulations and standards for <br />economic development purposes in certain circumstances. <br /> <br />2. The City has received a request from Chuck Nash Chevrolet Buick Jeep for a tax <br />abatement and modification of sign regulations in connection with a proposed new commercial <br />facilities proj ect at 3209 North IH - 3 5 (the "Project"), under which Chuck Nash Chevrolet Buick Jeep <br />is planning significant capital investments and retention of existing jobs in the City. <br /> <br />3. The property on which the Project will be located is eligible for tax abatement, and <br />appropriate notice of this tax abatement agreement has been given to other taxing entities. <br /> <br />4. The City and Chuck Nash Chevrolet Buick Jeep wish to enter into a tax abatement <br />agreement pertaining to this project. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />PART 1. The attached tax abatement agreement (the "Agreement") between the City and <br />Chuck Nash Chevrolet Buick Jeep is found to satisfy the requirements of the City's Economic <br />Development Incentives Policy. <br /> <br />PART 2. The Agreement is found to satisfy all of the requirements of the Property <br />Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code. <br /> <br />PART 3. The recitals found in the preamble to this resolution are approved and adopted in <br />their entirety. <br /> <br />PART 4. The terms and conditions of the Agreement are approved and adopted. <br /> <br />PART 5. The City Manager, Dan O'Leary, is authorized to execute the Agreement. <br /> <br />PART 6. This Resolution is in full force and effect immediately upon its passage. <br />