Ord 2013-069/Designating Transportation Reinvestment Zone Number 1 for the extension and expansion of FM 110

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WHEREAS, the City Council provided an opportunity for interested persons to speak for and against the designation of the Zone and its boundaries. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, THAT: Section 1. All matters stated in the preamble of this Ordinance are found to be true and correct and are incorporated into the body of this Ordinance as if copied in their entirety. Section 2. The area depicted generally on the map attached hereto as Attachment "A" and described more specifically in the boundary description attached hereto as Attachment "B" shall be and is hereby designated as "Transportation Reinvestment Zone Number One, City of San Marcos ". Section 3. An ad valorem tax increment account for the Zone shall be and is hereby established. The City shall pay into the tax increment account an amount equal to the tax increment, defined as the amount of ad valorem taxes levied and collected by the City for the year on the captured appraised value of real property taxable by the City and located in the Zone. The captured appraised value of real property taxable by the City for a year is the total appraised value of all real property taxable by the City and located in the Zone for that year less the tax increment base of all real property taxable by the City and located in the Zone as established for the base year as set forth herein. Section 4. The designation of the Zone takes effect immediately upon passage of this ordinance and the base year for purposes of computing the tax increment is 2013. Section 5. The City anticipates taking action in the future to enter into a interlocal agreement with the County that will provide for the dedication of a specified portion of the tax increment to be used to reimburse TxDOT for Project costs under the terms of the AFA between TxDOT and the County. Such action will not occur until the AFA and the terms of the development of the Project are provided to the City and the City Council approves the terms of the interlocal agreement. Section 6. All ordinances, parts of ordinances, or resolutions in conflict herewith are expressly repealed. Section 7. The invalidity of any section or provision of this Ordinance shall not invalidate other sections or provisions thereof. Section S. The City Council hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Ordinance was adopted was posted and that such meeting was open to the public as required by law during all times during which this Ordinance and the subject matter hereof were discussed, considered, and formally acted upon, all as required by the Texas Open Meetings Act, Chapter 551, Texas Government Code, as amended, and the Act.