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ORDINANCE NO. 2024-26 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS AMENDING THE PROJECT PLAN AND <br />REINVESTMENT ZONE FINANCING PLAN FOR TAX INCREMENT <br />REINVESTMENT ZONE NO. 4 (KISSING TREE) TO INCREASE <br />REIMBURSEMENTS TO THE DEVELOPER BY $16,000,000 AND TO <br />ADD ELIGIBLE PROJECT COSTS FOR COMPLETING THE <br />CENTERPOINT ROAD FOUR LANE EXTENSION, CHANGING THE <br />WATER STORAGE TANK TO AN ELEVATED STORAGE TANK, AND <br />UPGRADING A WATER LINE; PROVIDING AUTHORIZATION TO <br />CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS <br />AMENDMENT; INCLUDING PROCEDURAL PROVISIONS AND <br />DECLARING AN EFFECTIVE DATE. <br />RECITALS: <br />WHEREAS, the City Council (the "Council") of the City of San Marcos, Texas (the <br />"City") adopted Ordinance No. 2011-68, which designated the San Marcos, Texas Reinvestment <br />Zone No. 4 (the "Zone") pursuant to Section 311.005(a) of the Tax Increment Finance Act, Texas <br />Tax Code, Chapter 311, as amended (the "Act"); and <br />WHEREAS, the Board of Directors of the Zone (the "Zone Board") prepared and adopted <br />a Project Plan and Reinvestment Zone Financing Plan (the "Project and Financing Plan") for the <br />Zone pursuant to Section 311.011 of the Act, and <br />WHEREAS, the Council adopted Resolution No. 2014-121R on September 2, 2014, which <br />gave effect to the Project and Financing Plan pursuant to Section 311.011(d) of the Act, and <br />WHEREAS, the City desires to amend the Project and Financing Plan to (i) include <br />additional anticipated projects and cost estimates and (ii) increase the maximum amount of tax <br />increment that may be reimbursed to the developer of property within the Zone, all as set forth and <br />further described in the Revised Preliminary Project Plan and Reinvestment Zone Financing Plan <br />(the "Amended Project and Financing Plan") attached as Exhibit A; and <br />WHEREAS, on February 26, 2024, the Zone Board approved the Amended Project and <br />Financing Plan and recommended that the City approve the Amended Project and Financing Plan; <br />and <br />WHEREAS, pursuant to the Act, the City must amend the Project and Financing Plan by <br />ordinance; and <br />WHEREAS, notice of a public hearing to be held on Jun4, 2024, was duly published in <br />compliance with Section 311.003(c) of the Act; and <br />