Res 2017-076/approving a first addendum to the Interlocal Agreement with Hays County regarding the collection, payments and use of tax increment in Tax Increment Reinvestment Zone No. 5 (Downtown Area) that extends the term of said agreement for five yea

Home Browse Search

STATE OF TEXAS COUNTY OF HAYS FIRST ADDENDUM TO INTERLOCAL AGREEMENT BETWEEN HAYS COUNTY AND THE CITY OF SAN MARCOS RELATED TO SAN MARCOS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO. 5 THIS FIRST ADDENDUM ("Addendum") is made between the CITY OF SAN MARCOS, TEXAS (the "City"), a home rule municipality of the State of Texas, acting by and through its governing body, the City Council, and HAYS COUNTY, TEXAS acting by and through its governing body,the Commissioners Court, to amend an Interlocal Agreement Between Hays County and the City of San Marcos Relating To San Marcos, Texas Tax Increment Reinvestment Zone No. 5 (the "Agreement") previously executed by the City on December 7, 2011 and by Hays County on November 22, 2011. ADDENDUM: In consideration of the mutual covenants and agreements contained herein, as well as good and valuable consideration,the receipt and sufficiency of which is hereby acknowledged,the City and the County agree as follows: 1. Section 4, Term and Termination, Subsection A, Agreement Term, of the Agreement is hereby amended to read as follows: "Section 4. Term and Termination. A. Agreement Term. This Agreement will take effect only upon designation of the Reinvestment Zone by Ordinance of the City and will be in effect for the earlier of 1) December 5,2022, unless neither party provides notice of intent to terminate ninety (90) or more days in advance of that date, in which case the term shall expire on December 5, 2027, or 2) the date all Project Costs have been paid or reimbursed unless earlier terminated by the parties hereto. Nothing in this Agreement limits the authority of the County or City to extend the term of this Agreement. Upon termination of this Agreement, the obligation of the County to make payments to the City shall end;however,any refund obligations shall survive the termination." 2. The following terms and conditions shall be added to the Agreement as Section 2 (E): No project expenditures of County monies provided under this Agreement shall be authorized without an affirmative vote of the Board, with the County representatives present for the vote and with the County representatives unanimously agreeing with a proposed expenditure. In the event that the County representatives do not unanimously agree with a proposed expenditure, County monies provided under this Agreement may not be utilized for that expenditure unless and until a subsequent vote of the Hays County Commissioners Court approves of that expenditure.