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City Council Meeting Minutes May 4, 2021 <br />There being no further speakers, Mayor Hughson closed the Public Hearing at <br />8:14 p.m. <br />A motion was made by Council Member Gleason, seconded by Council <br />Member Baker, to approve Ordinance 2021-34, on the first of two readings. <br />The motion 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 />20. Receive a Staff Presentation and hold a Public Hearing to receive comments for or <br />against Ordinance 2021-37, amending the project plan for Tax Increment Reinvestment <br />Zone No. 5, also known as the "Downtown TIRZ," approving an amendment to the Tax <br />Increment Participation Interlocal Agreement with Hays County to extend the City's and <br />the County's reduced contribution rate of the tax increment deposited into the Tax <br />Increment Fund from 70 percent to 25 percent for one additional year; authorizing the City <br />Manager or his designee to execute the amendment on behalf of the City; including <br />procedural provisions; and declaring an effective date; and consider approval of <br />Ordinance 2021-37, on the first of two readings. <br />Marie Kalka, Finance Director, provided the presentation regarding the <br />amendment to the Tax Increment Participation Interlocal Agreement with <br />Hays County to extend the City's and the County's reduced contribution rate <br />of the tax increment deposited into the Tax Increment Fund from 70 percent to <br />25 percent for one additional year <br />Ms. Kalka stated the TIRZ #5 board met on March 22, 2021 to discuss the <br />property tax dedication to the TIRZ #5 projects and the Board unanimously <br />agreed that only 25% of 2021 Property tax assessment taxes would be <br />dedicated to the Tax Increment Zone for one additional year. <br />Ms. Kalka mentioned to extend the City and County's property tax <br />contributions for 2021 assessments at 25% for one additional year will be as <br />follows: <br />Property tax assessments: <br />- Tax Year 2019 to 2020 increased from $268,922,632 to $348,627,389 (30% <br />increase) <br />- Tax Year 2021 through 2026 estimated conservative growth of 5% <br />Estimated City contribution: <br />- At 70% in Tax Year 2021 would be $992,681 <br />- At 25% in Tax Year 2021 would be $354,529 <br />Estimated County contribution: <br />City of San Marcos Page 13 <br />