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City Council Meeting Minutes December 15, 2020 <br />seconded by Deputy Mayor Pro Tem Scott, to postpone Ordinance 2020-77 to <br />defer item back to Planning and Zoning Commission. The motion carried by <br />the following vote: <br />For: 6 - Mayor Pro Tem Derrick, Council Member Baker, Council Member Gonzales, Deputy <br />Mayor Pro Tem Scott, Council Member Garza and Council Member Gleason <br />Against: 0 <br />Recused: 1 - Mayor Hughson <br />NON -CONSENT AGENDA <br />14. Consider approval of Resolution 2020-269R, directing publication of a Notice of Intention <br />to issue Certificates of Obligation in the amount not to exceed $8,700,000 for <br />constructing, improving, designing, acquiring and equipping the City's (1) Road and <br />Street projects, to include a railroad overpass and related infrastructure on Yarrington <br />Road; and (2) the payment of professional services in connection therewith including <br />legal, Fiscal and Engineering fees and the costs of issuing the Certificates of Obligation <br />and other matters related thereto; and declaring an effective date. <br />A motion was made by Mayor Pro Tem Derrick, seconded by Council Member <br />Baker, to approve Resolution 2020-269R. <br />Victoria Runkle, Interim Finance Director, stated construction was completed <br />in 2005 and the total amount owed to the developer through the TIRZ was $9.6 <br />million. A TIRZ was created to use property tax from the Blanco Vista <br />development to repay the debt. <br />The Finance and Audit committee recommended paying off the debt which <br />would be at a lower rate. The City <br />can borrow money and issue debt at an average annual debt rate of 2.83% over <br />20 years. Annual payments would be an average of $545,000 over 20 years. The <br />City will use the revenue from the property tax payments to pay the debt; and <br />the City will also gain, at least, $1305,000 in revenue for the General Fund. <br />The new Finance Director will evaluate this in early 2021 and how it will be <br />affected by Senate Bill 2. <br />The motion to approve carried by the following vote: <br />For: 7 - Mayor Pro Tem Derrick, Mayor Hughson, Council Member Baker, Council Member <br />Gonzales, Deputy Mayor Pro Tem Scott, Council Member Garza and Council <br />Member Gleason <br />Against: 0 <br />15. Consider approval of Resolution 2020-270R, creating the Community Development <br />City of San Marcos Page 12 <br />