Ord 1983-080 - Laserfiche WebLink

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(5) The total appraised value of all taxable real property in the zone according to the most recent appraisal rolls of the City, together with the total appraised value of taxable real property in all other existing reinvestment zones within the City, if any, according to the most recent appraisal rolls of the City, does not exceed fifteen percent (15%) of the current total appraised value of taxable real property in the City. (6) Improvements in the reinvestment zone will enhance significantly the value of all tax- able real property in the reinvestment zone. SECTION 3. That the City hereby creates a reinvestment zone over the area described by the metes and bounds in Exhibit A attached hereto and depicted in the plat attached hereto as Exhibit Band such reinvestment zone shall hereafter be identified as Reinvest- ment Zone Number One, City of San Marcos, Texas (the "Zone"). SECTION 4. That there is hereby established a board of directors for the zone which shall consist of five (5) members. Within sixty (60) days of the date hereof the City Council of the City will appoint three ( 3) residents of the City, who meet the eligibility requirements as set forth in the Act, to serve as members of the board of directors. Each other taxing unit that levies real property taxes in the reinvestment zone may appoint one member to the board of directors. Any such unit may waive its right to appoint a director. All appointments must be made within sixty (60) days of the date hereof. Three ( 3) directors shall be appointed for two year terms while two (2) will be appointed for one year terms. All subsequent appointments will be made for two-year staggered terms. Within sixty (60) days of the date hereof, the City Council shall designate one of the directors to serve as chairman of the board of directors for the year ending December 31, 1984, and shall authorize the board to elect from its members a vice chairman and other officers as it sees fit. The City hereby establishes and adopts bylaws for the board of directors of the Zone a copy of which is attached hereto as Exhibit C, and delegates to the board the powers and authority as provided therein. The board of directors shall make recommendations to the City Council concerning the administration of the Zone. It shall prepare or cause to be prepared and adopt a project plan for the Zone and must submit such plan to the City Council for its appro- val. The City hereby delegates to the board of directors all powers necessary to prepare and implement such project plan, subject to approval by the City Council, including the power to employ consultants to assist in the preparation of the project plan and in the issuance of tax increment obligations. -3-