Res 2021-139/concerning an Amendment to Reimbursement Agreement with Carma Paso Robles, LLC for San Marcos, Texas Tax Increment Reinvestment Zone No. 4 in connection with the Paso Robles Development at Hunter and Centerpoint Roads

Home Browse Search

AMENDMENT TO REIMBURSEMENT AGREEMENT CONCERNING REINVESTMENT ZONE NO. 4, CITY OF SAN MARCOS, TEXAS AND THE PASO ROBLES PROJECT THIS AMENDMENT TO REIMBURSEMENT AGREEMENT CONCERNING REINVESTMENT ZONE NO. 4, CITY OF SAN MARCOS, TEXAS AND THE PASO ROBLES PROJECT (the "Amendment") by and between the City of San Marcos, Texas, a Texas home rule municipality (the "City") and Carma Paso Robles LLC (the "Developer") is entered into on this 3rd day of August, 2021 (the "Effective Date"). RECITALS WHEREAS, on May 17, 2011, the City Council of the City (the "Council") created the City of San Marcos, Texas, Tax Increment Reinvestment Zone No. 4 ("Zone No. 4") and adopted Ordinance No. 2011-68 which designated Zone No. 4 pursuant to Chapter 311 of the Texas Tax Code; and WHEREAS, the City and the Developer entered into the Reimbursement Agreement Concerning Reinvestment Zone No. 4, City of San Marcos, Texas and the Paso Robles Project (the "Agreement") by and between the City and the Developer, related to Zone No. 4 pursuant to the authority granted to the City by its powers as a home -rule municipality and Chapter 311 of the Texas Tax Code; and WHEREAS, the Council adopted Ordinance No. 2020-86 on December 15, 2020, which approved an amended Project Plan and Reinvestment Zone Financing Plan for Zone No. 4 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, all as set forth and further described in the amended Project and Financing Plan (the "Amended Project and Financing Plan"); and WHEREAS, in accordance with Section 311 of the Texas Tax Code, the City and the Developer desire to amend the Agreement to increase the amount of the reimbursement to the Developer for costs incurred for the Improvements (as defined in the Agreement); and NOW, THEREFORE, for and in consideration of the promises and the mutual agreements set forth herein, the City and Developer hereby agree as follows: AGREEMENT 1. The Agreement is amended by amending the fifth paragraph in Section 3(d) of the Agreement to read as follows: At the sole discretion of the City and based upon such terms and conditions as determined, the City may issue bonds in one or more series in an aggregate principal amount not to exceed $30,000,000 which bonds will be payable solely from the tax increment funds including the tax increment revenues. Any net proceeds of bonds remaining after payment of costs of issuance and any other reserve funds and/or capitalized interest shall be remitted