Ord 2021-083/terminating Tax Increment Reinvestment Zone Number Two, City of San Marcos, Texas previously created by Ordinance No. 2005-17; providing for the transfer to the general fund of any funds remaining in the Tax Increment Zone Number Two Tax

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ORDINANCE NO. 2021-83 AN ORDINANCE TERMINATING TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, CITY OF SAN MARCOS, TEXAS PREVIOUSLY CREATED BY ORDINANCE NO. 2005-17; PROVIDING FOR THE TRANSFER TO THE GENERAL FUND OF ANY FUNDS REMAINING IN THE TAX INCREMENT ZONE NUMBER TWO TAX INCREMENT FUND; PROVIDING FOR THE ADOPTION OF THIS ORDINANCE ON ONLY ONE READING; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council (the "Council") of the City of San Marcos, Texas (the "City") adopted Ordinance No. 2005-17, which created Reinvestment Zone Number Two, City of San Marcos, Texas (the "Zone") pursuant to Section 311.005(a) of the Tax Increment Finance Act, Texas Tax Code, Chapter 311, as amended (the "Act"). 2. The Council approved a reimbursement agreement with the developer of property within the Zone pursuant to Resolution No. 2006-153R. 3. All project costs for which the Zone was created and all and financial obligations incurred pursuant to the reimbursement agreement have been paid in full. 4. Ordinance No. 2005-17 provided for termination of the Zone at the earlier of December 31, 2035 or the date designated by a subsequent ordinance. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. Tax Increment Reinvestment Zone Number Two, City of San Marcos, Texas, created by Ordinance No. 2005-17 is hereby terminated, effective on September 30, 2021. SECTION 2. Any funds remaining in the Tax Increment Zone Number Two Tax Increment Fund on September 30, 2021 shall be transferred to the general fund. SECTION 3. The importance of this ordinance creates an emergency and imperative public necessity, and the provisions of the city charter requiring that ordinances be presented at two separate meetings be waived and this ordinance will take effect immediately upon adoption. PASSED, APPROVED AND ADOPTED on one reading on September 21, 2021.