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<br />I <br /> <br />I <br /> <br />I <br /> <br />INTRODUCTION <br /> <br />This document includes the Preliminary Project Plan and Reinvestment <br />Zone Financing Plan for the Tax Increment Reinvestment Zone Number <br />Three (the "Zone") of the City of San Marcos (the "City"), as required by <br />Chapter 311, Texas Tax Code <br /> <br />The purpose of the Zone is to provide a financing vehicle needed for the <br />completion of a joint project between the City and John Q Hammons, as <br />Trustee of the Revocable Trust of John Q. Hammons, Dated December 8, <br />1989, as amended and restated ("JQH"). JQH and the City are pursuing a <br />joint project (the "Project") whereby JQH would construct and operate a <br />full service upscale hotel (the "Hotel") of at least ten (10) stories in height <br />with a minimum of two hundred seventy five (275) guest rooms and the <br />City would construct, and lease to JQH, a first class conference center <br />facility and related improvements (the "Conference Center") adjacent to <br />the Hotel, which Conference Center would contain one large ballroom <br />sufficient to lawfully accommodate one thousand (1,000) people for a <br />banquet style event. The Zone would be used to reimburse costs <br />associated with construction of the Conference Center. <br /> <br />The proposed Zone is located to the east of Interstate 35 to the south and <br />north of the McCarty Lane intersection. The Zone consists of <br />approximately 15 acres of land. A property metes and bounds description <br />is provided in the attached Exhibit A. <br /> <br />PRELIMINARY PROJECT PLAN <br /> <br />Existing Uses and Conditions and Proposed Improvements <br /> <br />Existing Conditions <br /> <br />The property is undeveloped and lacking adequate infrastructure to <br />enable its development. The subject site has been utilized as farmland <br />and pastureland. The development of the property is further <br />constrained by the lack of basic infrastructure including adequate <br />public road access and capacity, and drainage facilities. There is a <br />predominance of defective or inadequate sidewalk or street layout, as <br />well as problems with faulty lot layout in relation to size, adequacy, <br />accessibility, or usefulness. The area is predominantly open and, <br />because of obsolete platting, deterioration of structures or site <br /> <br />3 <br />