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Regular Meeting December 4, 2007 Page 5 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 $25,000 OF VALUE OF THE HOMESTEAD OF PERSONS 65 OR OLDER OR DISABLED; INCLUDING PROCEDURAL PROVISIONS; AND DECLARING AN EFFECTIVE DATE. Mr. Jones moved for adoption of Ordinance on third and final reading, and Mr. Guerrero seconded the motion. Mayor Narvaiz stated the Council approved this Ordinance for $20,000.00 on first reading with directions for Staff to bring the Ordinance back on second reading in the amount of $25,000.00. She stated the Ordinance tonight is for $25.00.00. The Council then voted unanimously for adoption of Ordinance on third and final reading. Mayor Narvaiz introduced for consideration Item 18, removed from the consent agenda, adoption of Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS ADOPTING A REVISED ECONOMIC DEVELOPMENT INCENTIVES POLICY; AND DECLARING AN EFFECTIVE DATE. Mr. Guerrero moved for adoption of Resolution, and Mr. Thomaides seconded the motion. Kim Moore, former Economic Development Director, provided a powerpoint presentation outlining the revised Economic Development Incentive Policy. Mr. Jones inquired to the benefits of having this policy or a strong written policy. Ms. Moore stated if the policy is very structured, then you tie your hands. She also stated some policies have a menu style, but also have a tax abatement policy. She stated the policy could be written for a specifically targeted industry, which would provide an extra percentage off. Mr. Jones inquired to whether corporations are required to show financials. Ms. Moore stated corporations are required to show financials. Mr. Thomaides inquired to whether this policy would prohibit the Council from accepting proposals that don't match what we want. Ms. Moore stated whether a proposal would be accepted would be up to the Council. Mr. Thomaides inquired to whether there is a way for the City to ensure a return and whether the company does well, then the City can do even better. Ms. Moore stated Council can make a change in the Abatement Policy. Mr. Thomaides inquired to whether investing a portion of the profits is legal. Ms. Moore stated the Council would need to get legal advice whether this is legal or not. She also stated the State provides incentives to invest in companies and a low interest loan can be provided to those who qualify. Mr. Thomaides stated he feels the Council should review this option. Mayor Narvaiz stated Council can provide direction for