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237. Regular Meeting February 23, 2004 Page 6 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MAi{COS, TEXAS, ADOPTING AN ECONOMIC DEVELOPMENT INCENTIVES POLICY FOR THE CITY; AND DECLARING AN EFFECTIVE DATE. Ms. Narvaiz moved for adoption of the Resolution and Mr. Mihalkanin seconded the motion. Mr. O'Leary stated Ms. Narvaiz has suggested some amendments to this Incentive Policy. Ms. Narvaiz moved to amend Paragraph 3, Page 1, to add Cinco de Mayo, Paragraph 2, Page 2, to read ...provide high paying jobs for San Marcos citizens and Texas State .... page 3, 3rd Bullet, add San Marcos Consolidated Independent School District, and Page 8 by adding San Marcos Economic Development Council 512-393-5900(phone) website and email address first on the list of contacts, and Mr. Mihalkanin seconded, which passed unanimously. Ms. Narvaiz moved to amend Page 3 Subtitle Eligibility Criteria a. to add and/or to the end of the sentence, and Mr. Thomaides seconded the motion. Mr. Taylor stated he does not feel 5 jobs and $50,000.00 would be unreasonable for a tax abatement. Dan Rogers, Director of Economic Development, stated the company would not automatically be granted a tax abatement. The Council voted unanimously for the amendment. The Council then voted unanimously for adoption of the Resolution. Mayor Habingreither introduced for consideration Item 22 removed from the consent agenda, adoption a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING A POLICY RELATED TO THE RESALE OF TAX-FORECLOSED PROPERTIES; AND DECLARING AN EFFECTIVE DATE. Mr. Diaz moved for adoption of the Resolution and Ms. Narvaiz seconded the motion. Luanne Caraway, Hays County Tax Assessor, stated no offer less than 100% of the value would be considered during a redemption period. She stated within 3 months of the redemption period expiration, the Tax Assessor-Collector's office would reappraise the property to determine a feasible opening bid amount for a future auction. This would allow the acceptance of the highest auction bid for the property, even if it is lower than the market value. Carol Garcia, McCreary, Velselka, Bragg & Allen, stated the redemption period is 2 years after a tax sale for homestead property and 6 months for non-homestead property. She stated she feels this will get property back on the tax roll. Steve Byrd, Linebarger Goggan Blair & Sampson, LLP., stated this Resolution would alleviate the tax firm from coming back to the Council to accept bids received automatically. Mr. Montoya inquired why this Resolution is being recommended. Mro Byrd stated currently when bidders see no one is bidding on a piece of property at the auction, the bidder will pass over the property at the public auction. He stated the bidder then will provide a bid to get the property for 10¢ on the dollar. He stated with this policy the bidder would have to wait until after the redemption period. Ms. Garcia stated these are the properties, which would be difficult to get