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<br />97 <br /> <br /> <br />RESOLUTION 1997- 114R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN AMENDED <br />TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br />AND ARVIND B. PATEL FOR A NEW SHONEY'S INN TO BE <br />CONSTRUCTED AT 817 IH-35 NORTH; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN <br />EFFECTIVE DATE. <br />! <br />RECITALS: <br /> <br />1. The City Council has adopted a policy on tax abatement and other economic <br />development incentives. <br /> <br />2. Arvind B. Patel is proposing to demolish the Mustang Motel at 8171-35 North <br />and construct a new 50-unit Shoney's Inn at the location, and he has asked the City to <br />consider granting a tax abatement and other economic development incentives related to <br />the construction. <br /> <br />3. Mr. Patel wishes to enter into a tax abatement agreement with the City of San <br />Marcos pertaining to this construction. . <br /> <br />4. The property on which the proposed construction will be located is eligible for <br />tax abatement, and appropriate notice of this tax abatement agreement has been given to <br />other taxing entities. <br /> <br />5. The City Council previously adopted a resolution approving a tax abatement <br />agreement with Mr. Patel on May 12, 1997, and Mr. Patel has requested that the time <br />frame for completion of the improvements and the creation of new jobs be extended from <br />December 31, 1997 to April 30, 1998. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The attached tax abatement agreement between the City of San Marcos <br />and Arvind B. Patel is found to satisfy all of the requirements of the City's "Policy on Tax <br />Abatement and other Economic Development Incentives for the City of San Marcos, <br />Texas." <br /> <br />PART 2. The attached tax abatement agreement is found to satisfy all of the <br />requirement of the Property Redevelopment and Tax abatement Act, Chapter 312 of the <br />Texas Tax Code. <br /> <br />PART 3. The recitals found in the preamble to this resolution are adopted in their <br />entirety . <br /> <br />PART 4. The terms and conditions of the attached tax abatement agreement are <br />approved and adopted. <br /> <br />PART 5. The City Manager of the City of San Marcos, Larry D. Gilley, is authorized <br />¡ to execute this Agreement. <br />! <br /> <br />¡ PART 6. This Resolution is in full force and effect immediately upon its passage. <br /> <br />Adopted this 14TH day of JUL Y 1 , 1997. <br /> <br /> <br />ts~~~ <br /> <br />Billy G. Moore <br />Mayor <br /> <br /> <br /> <br /> <br /> <br />I <br />