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Regular Meeting November 5, 2007 Page 6 owner. The decision to tax goods -in- transit is not irrevocable, and Council may choose to grant the exemption in future years. However, for tax year 2008 staff recommends that Council adopt the Ordinance to continue to tax the goods -in- transit. Mayor Narvaiz stated the Economic Development Board voted unanimously for this amendment. The Council then voted unanimously for the approval of the Ordinance on first reading. Mayor Narvaiz introduced for consideration of approval of an Ordinance on first reading, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING THE ABANDONMENT OF A 15,224.43 SQUARE FOOT OF THE RIGHT OF WAY OF CRADDOCK AVENUE AT THE INTERSECTION OF RANCH ROAD 12; APPROVING THE CONVEYANCE OF THIS TRACT TO CUNNINGHAM WALTERS PROPERTIES, LLC; AUTHORIZING THE CITY MANAGER TO EXECUTE A DEED; AND DECLARING AN EFFECTIVE DATE. Mr. Bose moved for approval of the Ordinance on first reading, and Mr. Guerrero seconded the motion, which passed unanimously. Mayor Narvaiz introduced for consideration of approval of an Ordinance on first reading, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AMENDING CHAPTER 78, TAXATION, OF THE CITY CODE OF ORDINANCES; INCREASING THE RESIDENCE HOMESTEAD EXEMPTION FOR PERSONS 65 OR OLDER; ALLOWING AN EXEMPTION FOR PERSONS WHO ARE DISABLED; ESTABLISHING AN EXEMPTION FOR THE FIRST $20,000 OF VALUE OF THE HOMESTEAD OF PERSONS 65 OR OLDER OR DISABLED; INCLUDING PROCEDURAL PROVISIONS; AND DECLARING AN EFFECTIVE DATE. Mr. Jones moved for approval of the Ordinance on first reading, and Ms. Robertson seconded the motion. Mr. Thomaides stated he feels the exemption should be increased to $25,000.00. Mayor Narvaiz and Mr. Jones stated they would support $40,000.00, but would also support increasing to $25,000.00. Mr. Bose and Ms. Robertson stated they would support a $25,000.00 increase. Mr. Thomaides moved to amend the Ordinance to read ... $25,000.00, and Mr. Jones seconded the motion. Mr. Cosentino stated the Agenda was posted for approval of Ordinance in the amount of $20,000.00 and the Ordinance could be brought back to Council for approval of Ordinance on second reading in the amount of $25,000.00. Mr. Thomaides rescinded his motion to amend and Mr. Jones rescinded his second. Ms. Robertson stated she would like Staff to provide the financial impact this increase would have on the City. On roll call for approval of Ordinance on first reading, the following vote I was recorded: AYE: Thomaides, Couch, Bose, Narvaiz, Robertson and Jones. NAY: Guerrero.