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SOLUTION NO. 2015-165R <br />A RESOLUTION OF THE CITY COUNCIL, OF THE CITY OF SAN <br />MARCOS, TEXAS ESTABLISHING A FIVE YEAR REVIEW PERIOD <br />TO EVALUATE THE EFFECTIVENESS OF FINANCIAL INCENTIVES <br />PREVIOUSLY GRANTED TO STIMULATE RESIDENTIAL <br />DEVELOPMENT IN SAN MARCOS AND DETERMINE IF THERE IS A <br />NEED TO OFFER ADDITIONAL INCENTIVES INCLUDING PUBLIC <br />IMPROVEMENT DISTRICTS, TAX INCREMENT REINVESTMENT <br />ZONES, AND CHAPTER 380 ECONOMIC DEVELOPMENT GRANTS; <br />AND DECLARING AN EFFECTIVE DATE. <br />RECITALS: <br />1. Various provisions of the Texas Local Government Code make available financial <br />incentives for single - family and multi - family residential development, including Public <br />Improvement Districts, Tax Increment Reinvestment Zones, Chapter 380 Economic <br />Development Grants and similar financial incentives. <br />2. In recent years the City has approved or facilitated financial incentives for such <br />residential projects as Blanco Vista, Highpointe/Trace, La Cima, Paso Robles and Whisper <br />Texas. <br />3. Over 7,900 residential dwelling units are estimated to be constructed within these <br />previously incentivized residential developments. <br />4. The City of San Marcos has been fastest growing city in the country for the past <br />three years and is home to the fourth largest university in the state that continues to see increased <br />enrollment. <br />5. While the City Council continues to welcome private sector investment in the <br />development and construction of additional residential housing in San Marcos, the city's <br />financial advisors have recommended that the city monitor the rate at which the market absorbs <br />the already incentivized housing units, establish a baseline from which to evaluate the <br />effectiveness of the approved incentives, and determine if any additional residential incentives <br />are necessary to attract more residential development. <br />6. For these reasons, the City Council wishes to temporarily suspend its <br />consideration of financial incentives for future residential development. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The Council hereby directs the city staff to not accept any applications for <br />financial incentives for residential development, including Public Improvement Districts, Tax <br />Increment Reinvestment Zones, Chapter 380 Economic Development Grants or similar financial <br />