ORD 2021-037/ Amending Project Plan and Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone No 5 Downtown TIRZ

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modifications to conform to the final business terms as agreed to by the City Manager of the City and directs its submission to the Council for approval. SECTION 2. RECOMMENDING THE CITY APPROVE THE AMENDED PROJECT AND FINANCING PLAN. The Zone Board recorm-nends that the City approve the Amended Project and Financing Plan reflecting the reduction in the City's and County's contribution rate of the tax increment deposited into the tax increment fund from 70 percent to 25 percent for one additional year, as set forth and further described in the amended Project and Financing Plan. SECTION 3. FURTHER PROCEEDINGS. The Zone Board is authorized to take any and all action necessary to carry out and consummate the transactions described in or contemplated by the documents approved hereby or otherwise to give effect to the action authorized hereby and the intent hereof including revising any necessary documents to conform to the terms hereof or State law. SECTION 4. INCORPORATION OF RECITALS. The Zone Board hereby finds that the statements set forth in the recitals of this Resolution are true and correct, and the Zone Board hereby incorporates such recitals as part of this Resolution. SECTION 5. SEVERABILITY. If any provisions of this Resolution or the application thereof to any circumstances shall be held to be invalid, the remainder of this Resolution and the application thereof to other circumstances shall nevertheless be valid, as if such invalid provision had never appeared herein, and the Zone Board hereby declares that this Resolution would have been enacted without such invalid provisions. PASSED APPROVED THIS 22nd DAY OF March, 2021. By: -4 /-AA-k.R Cirperson, Boar 4,3f Directors San Marcos TIRZ No. 5 Board Resolution