Ord 2025-014 Amending the project plan and reinvestment zone financing plan for Tax Increment Reinvestment Zone No. 5 (Downtown TIRZ) to increase funding in support of an annual downtown operations plan

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ORDINANCE NO. 2025-14 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AMENDING THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NO. 5 (DOWNTOWN TIRZ) TO INCREASE FUNDING IN SUPPORT OF AN ANNUAL DOWNTOWN OPERATIONS PLAN AND APPROVED PROJECT PLANS SUBMITTED VIA AN APPLICATION PROCESS; AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE SUCH AMENDMENT ON BEHALF OF THE CITY; INCLUDING PROCEDURAL PROVISIONS; AND DECLARING AN EFFECTIVE DATE. RECITALS: WHEREAS, the City Council (the "Council") of the City of San Marcos, Texas (the "City") adopted Ordinance No. 2011-74, which designated the San Marcos, Texas Reinvestment Zone No. 5 (the "Zone")pursuant to Section 31 L005(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.2011-145R on November 14,2011,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 Revised Preliminary Project Plan and Reinvestment Zone Financing Plan (the "Amended Project and Financing Plan")attached as Exhibit A; and WHEREAS, on March 21, 2025, the Zone Board approved the Amended Project and Financing Plan and recommended that the City approve the Amended Project and Financing Plan; 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 May 20,2025,was duly published in compliance with Section 311.003(c)of the Act; and