Ord 2020-086/amending the Project Plan and Reinvestment Zone Financing Plan for TIRZ #4

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ORDINANCE NO. 2020-86 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AMENDING THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR THE SAN MARCOS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO. 4; AND OTHER MATTERS IN CONNECTION THEREWITH. WHEREAS, the City Council (the "Council") of the City of San Marcos, Texas (the "City") adopted Ordinance No. 2011-68, which designated the San Marcos, Texas Reinvestment Zone No. 4 (the "Zone") pursuant to Section 311.005(a) of the Tax Increment Finance Act, Texas Tax Code, Chapter 311, as amended (the "Act"); and WHEREAS, the Board of Directors of the Zone (the "Zone Board") prepared and adopted a Project Plan and Reinvestment Zone Financing Plan (the "Project and Financing Plan") for the Zone pursuant to Section 311.011 of the Act, and WHEREAS, the Council adopted Resolution No. 2014-121R on September 2, 2014, which gave effect to the Project and Financing Plan pursuant to Section 311.011(d) of the Act, and WHEREAS, the City desires to amend the Project and Financing Plan to (i) include additional anticipated projects and cost estimates and (ii) increase the maximum amount of tax increment that may be reimbursed to the developer of property within the Zone, all as set forth and further described in the amended Project and Financing Plan (the "Amended Project and Financing Plan") attached as Exhibit A; and WHEREAS, on October 27, 2020, the Zone Board adopted the Amended Project and Financing Plan and recommended that the City approve the Amended Project and Financing Plan, as set forth in the meeting minutes of the Zone Board attached hereto as Exhibit B; and WHEREAS, pursuant to the Act, the City must amend the Project and Financing Plan by ordinance; and WHEREAS, notice of a public hearing to be held on December 2, 2020, was duly published in the San Marcos Daily Record in its issue dated November 22, 2020, in compliance with Section 311.003(c) of the Act; and WHEREAS, a public hearing was held on December 2, 2020, at 6:00 p.m. via a free public video conference due to the ongoing public health concerns regarding the COVID-19 virus as authorized by Executive Order of the Governor of Texas (the "Hearing") to consider the amendment to the Project and Financing Plan at which time the City provided a reasonable opportunity for protest in accordance with Section 311.003(d) of the Act; and WHEREAS, the Council hereby finds and determines that the adoption of this Ordinance is in the best interests of the citizens of San Marcos, Texas; and SanMarcosTUUA—City Ord -2020