06.16.20 Regular Meeting - Laserfiche WebLink

Home Browse Search

City Council Meeting Minutes June 16, 2020 contract price to $125,000.00; authorizing the City Manager or his designee to execute the appropriate documents to implement the Change in Service; and declaring an effective date. PUBLIC HEARINGS 21. Receive a Staff presentation and hold a Public Hearing to receive comments for or against Ordinance 2020-46, amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 5, also known as the "Downtown TIRZ" to add eligible projects and associated eligible project costs, including the acquisition of property for parking and other public priorities and related operations and maintenance costs up to $2,000,000.00; approving an amendment to the Tax Increment Participation Interlocal Agreement with Hays County to reduce the City's and the County's contribution rate of the tax increment deposited into the Tax Increment Fund from 70 percent to 25 percent for one year; authorizing the City Manager, or his designee, to execute such amendments on behalf of the City; including procedural provisions; and declaring an effective date; and consider approval of Ordinance 2020-46, on the first of two readings. Victoria Ruckle, Interim Finance Director, provided a brief presentation on the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 5, also known as the "Downtown TIRZ." On April 29, 2020 the Board met to make changes to the project plan. These recommendations include: * Support of Multi -modal transportation and mobility including sidewalks and downtown shuttle services * Provide overall enhancement of the downtown area, including: lighting, Safety and other aesthetic features * Acquisition of property for parking and other public priorities * Payment of other amounts for the required operation and maintenance costs within the Zone * Ensured addresses and locations of improvements were appropriately defined On June 5, 2020 the Board met to alter the 2020/2021 financing agreement. These recommendations include the following: * Changed the City and County Property tax Contributions from 2020 Assessments from 70% to 25% for one year * The property tax assessments increased from $268,922,632 to $409,464,557 (52% growth in assessed value) At 70% contribution: * City would have put in $1,311,881 from $692,450 in 2019 * County would have contributed $$771,359 from $387,578 in 2019 City of San Marcos Page 12