Ord 2006-008 - Laserfiche WebLink

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I I I (3) That the total appraised value of taxable real property in the Reinvestment Zone Area does not exceed fifteen percent of the total appraised value of taxable real property in the City and in the industrial districts created by the City; (4) That the Reinvestment Zone Area does not contain more than fifteen percent of the total appraised value of real property taxable by Hays County or the San Marcos Consolidated Independent School District; and (5) That the development or redevelopment of the property in the Reinvestment Zone Area will not occur solely through private investment in the reasonably foreseeable future. SECTION 2. Designation of the Zone. The City, acting under the provisions of Chapter 311, Texas Tax Code, designates the Reinvestment Zone Area as a tax increment reinvestment zone, and creates a tax increment reinvestment zone within and over the Reinvestment Zone Area. The reinvestment zone shall hereafter be named for identification as City of San Marcos, Texas Tax Increment Reinvestment Zone No.3 (the "Zone"). The City Council specifically declares that the Zone is designated pursuant to Section 311.005(a)(I) and (2) of the Texas Tax Code. SECTION 3. Board of Directors. (a) A Board of Directors is created for the Zone, which will consist of five members. Positions One through Three on the Board of Directors will be reserved for the City. Positions Four and Five will be reserved for other taxing units levying property taxes within the Zone, each of which may appoint one director if the unit has not waived its right to do so. Another taxing unit that appoints a director shall be assigned a Board position number in the order the City receives the appointment. If another taxing unit does not have in effect an agreement with the City to contribute all or a portion of the unit's tax increment from real property in the Reinvestment Zone Area to the Tax Increment Fund established in Section 6 ofthis Ordinance, the unit will be deemed to have waived its right to appoint a director, and the City will be entitled to appoint persons to the position, which shall be filled as provided below. (b) The Mayor is authorized to nominate and appoint, subject to City Council approval, the directors to Positions One through Three of the Board of Directors, and any other director position for which another taxing unit waives its right of appointment. (c) The directors appointed to odd-numbered positions shall be appointed for two year terms, beginning on the effective date of this Ordinance, while the directors appointed to even-numbered positions shall be appointed to a one year term, beginning on the effective date of this Ordinance. All subsequent appointments shall be for two-year terms. The member of the Board of Directors appointed to Position One is hereby designated to serve as the chair of the Board of Directors for a one-year term beginning on the effective date ofthis Ordinance. Thereafter the Mayor shall annually nominate and appoint, subject to City Council approval, a member to serve as chair for a term of one year beginning on the anniversary of the effective date of this Ordinance. The City Council authorizes the Board of Directors to elect from its members a vice-chairman and such other officers as the Board of Directors sees fit. -3-