Ord 2010-028 - Laserfiche WebLink

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5. Less than ten percent of the property proposed to be included in the enlarged Zone, excluding property dedicated to public use, is used for residential purposes as defined in • Section 311.006(d). 6. The total appraised value of taxable real property in the enlarged Zone and in any other existing reinvestment zones does not exceed 15 percent of the total appraised value of taxable real property in the City and any industrial districts created by the City. 7. The proposed enlarged Zone does not contain more than 15 percent of the total appraised value of real property taxable by a county or a school district within whose boundaries the Zone, as enlarged, is located. 8. The proposed improvements in the enlarged zone will significantly enhance the value of all taxable real property in the proposed zone and will be of general benefit to the City. 9. The Project Plan and Reinvestment Zone Financing Plan adopted in connection with the creation of the Zone (the "Plans ") should be amended to reflect the addition of land, and the adjustment of eligible project costs in the plan, and the Zone Board has approved changes to the Plans. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The facts and recitations contained in the preamble of this Ordinance are • hereby found and declared to be true and correct and are adopted as part of this Ordinance for all purposes. SECTION 2. The City, acting under and in accordance with the provisions of Chapter 311, Texas Tax Code, including Sections 311.005, 311.006 and 311.007(a), hereby enlarges Reinvestment Zone Number Two, City of San Marcos, Texas, by adding the approximately 3.316 acre area described in Exhibit "A ", attached hereto. SECTION 3. The Zone shall be enlarged as of the effective date of this Ordinance. SECTION 4. The City Council confirms that the boundaries of the enlarged Zone as amended by this Ordinance shall be the areas shown in Exhibit "B" attached hereto. SECTION 5. The tax increment base for the enlarged Zone shall include the tax increment base established by the Ordinance creating the Zone and shall include the tax increment base attributable to the land added to the Zone by this Ordinance. SECTION 6. The Plans are hereby amended as provided in Exhibit "C ", attached hereto to accommodate the addition of the annexed tracts to the Zone, and the increase in eligible project costs. The Plans as amended (the "Amended Plans ") are hereby determined to be feasible and are approved. The appropriate officials of the City are authorized to take all steps reasonably necessary to implement the Amended Plans. 0