Ord 2020-046/amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 5, also known as the “Downtown TIRZ,” generally bounded by Concho Street, Moore Street, North Street, Comanche Street, Shady Lane, Frederic

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Final Draft O4.28.2O2O Executive Summary The proposed City ofSan Marcos, Texas (the "[it«")Tax Increment Reinvestment Zone No. 5 ("ZoneNo. 5") consists ufapproximately 244acres inthe downtown core. The City has addressed one challenge, zoning standards that are inconsistent and contrary to creating a downtown environment, with the adoption ofthe San Marcos Sn1artCode (the "3martCodeo)in2O11,putting in place a zoning that is predictable and focused on preserving downtown character while enabling pedestrian -oriented mixed-use development. In 2018, the City updated the Development Code and relabeled the downtown cone asCharacter District 5 Downtown (CD -5D}. Some ofthe other downtown challenges remain: a shortage of Class A office space, parking and pedestrian mobility, lack of sufficient lighting and downtown amenities and aesthetic features, and the condition of the streetsompaand sidewalks inparts ofdowntown. One ofthe financial tools identified in the plan to help address these challenges is the creation of otax increment reinvestment zone. Under this proposed plan, the City and Hays County (the "County") would participate equally inatax increment reinvestment zone projected togenerote approximately $l5,Q31,45Oover the current life ofZone No. 5. |tiscurrently proposed that Zone No. 5 increment revenues will be allocated for parking, including acquisition of land, multi -modal transportation/mobility, sidewalks, safety considerations, improved lighting, and overall enhancement of downtown as allowed by Section 311.010(h) of the Texas Tax Code. |norder tobeeligible for Zone No. 5tax increment revenues, projects noust(a)supportrnu|ti- mnodo|tronsportation and mobility including sidewalks and downtown shuttle services /b\ provide overall enhancement of the downtown area including but not limited to lighting, safety and other aesthetic features and/or (c) include acquisition of property for parking and other public priorities with the amounts allocated to include the required operation and maintenance costs within Zone. No.S The true value of this approach is that it powerfully leverages tax increment revenues for economic development beyond streetscape or maintenance improvements on a given block. The potential increase intax base can help in supporting possible future job creation through business relocation tothe downtown area along with growth ofexisting businesses which create jobs. This approach also will encourage the engagement of higher education and other potential research partners through the focus on technology and research, ultimately ensuring that the site will be developed to its highest and best use. _-Citv of San Marcos Zone No. 5 Project Plan and Financing Plan 4