Res 2025-127 nominating Midway Development Group to the Office of the Governor, Economic Development and Tourism, through the Economic Development Bank as an enterprise project pursuant to the Texas Enterprise Zone Act

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RESOLUTION NO. 2025-127R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS NOMINATING MIDWAY DEVELOPMENT GROUP, LLC TO THE OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM, THROUGH THE ECONOMIC DEVELOPMENT BANK AS AN ENTERPRISE PROJECT PURSUANT TO THE TEXAS ENTERPRISE ZONE ACT; AND DECLARING AN EFFECTIVE DATE. RECITALS: WHEREAS,the City of San Marcos ("City")has previously passed Ordinance No. 2011- 42 electing to participate in the Texas Enterprise Zone Program, and the local incentives offered under this resolution are the same on this date as were outlined in Ordinance No. 2011- 42; and WHEREAS, the Office of the Governor Economic Development and Tourism ("EDC") through the Economic Development Bank ("Bank") will consider Midway Development Group, LLC("Midway")as an enterprise project pursuant to a nomination and an application made by the City; and WHEREAS, the City desires to pursue the creation of the proper economic and social environment in order to induce the investment of private resources in productive business enterprises located in the City and to provide employment to residents of enterprise zones and to other economically disadvantaged individuals; and WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise Zone Act, Texas Government Code (the "Act"), Midway has applied to the City for designation as an enterprise project; and WHEREAS,the City finds that Midway meets the criteria for designation as an enterprise project under Chapter 2303, Subchapter F of the Act on the following grounds: 1. Midway is a "qualified business" under Section 2303.402 of the Act since it will be engaged in the active conduct of a trade or business at a qualified business site located in an enterprise zone and at least twenty-five percent(25.0%) of the business' new employees will be residents of an enterprise zone, economically disadvantaged individuals or honorably discharged veterans; and 2. There has been and will continue to be a high level of cooperation between public,private, and neighborhood entities within the area; and 3. The designation of Midway as an enterprise project will contribute significantly to the achievement of the plans of the City for development and revitalization of the area.