Laserfiche WebLink
RESOLUTION NO. 2014 -121R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS EXPRESSING THE CITY COUNCIL'S CONTINUING <br />SUPPORT OF THE PASO ROBLES DEVELOPMENT WITHIN TAX <br />INCREMENT REINVESTMENT ZONE NO. 4 ; DIRECTING THE CITY <br />STAFF TO PROCEED WITH PREPARATION OF ALL DOCUMENTS <br />NECESSARY TO INCREASE THE TOTAL AMOUNT OF PROJECT <br />EXPENSES ELIGIBLE FOR REIMBURSEMENT WITH TAX <br />INCREMENT BY AN ADDITIONAL $10,000,000; AND PROVIDING AN <br />EFFECTIVE DATE <br />RECITALS: <br />1. In 2010 the City of San Marcos entered into a Development Agreement for <br />Paso Robles and subsequently approved the creation of Tax Increment Reinvestment <br />Zone No. 4 to provide for the reimbursement, with tax increment, of project expenses <br />including infrastructure necessary for the development of the project; <br />2. Financial modeling for the project projected that the zone could support <br />repayment of approximately $40,000,000 in project expenses based on the 2009 market <br />values. At the time of creation of the zone, however, the maximum amount of <br />reimbursable project expenses was capped at $20,000,000; <br />3. In 2014, Brookfield Residential (which owns Carma Paso Robles) <br />assumed responsibility for building homes in the community in addition to completing <br />land development, utility extensions, a golf course, and a clubhouse. <br />4. The City Council deems it necessary and advisable to assist Brookfield <br />Residential with the additional project expenses by increasing the total amount of <br />development expenses reimbursable from tax increment by an additional $10,000,000. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The City Council finds the above recitals to be true and correct. <br />PART 2. The City Council hereby expresses its continuing support for the Paso <br />Robles Project. <br />PART 3. The City Council hereby directs city staff to proceed with preparation of <br />all documents necessary to increase the potential reimbursement of project expenses for Paso <br />Robles, with tax increment, from $20,000,000 to $30,000,000 and to present them for approval <br />in accordance with the procedures set for the in Chapter 311 of the Texas Tax Code. <br />PART 4. This Resolution shall be in full force and effect from and after its passage. <br />ADOPTED on September 2, 2014. <br />1el Guerrero <br />Mayor <br />Atte"ttijo <br />lilerk <br />