Res 2010-148 - Laserfiche WebLink

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(g) The City of San Marcos, Hays County, Texas, the Edwards Aquifer Authority and the Trust for Public Land are in discussion to apply for a federal land acquisition grant to purchase the "Purgatory Creek Tract" (a 289 acre tract of land in Hays County, Texas, located outside of the Property and within the Edwards Aquifer Recharge Zone.). The Purgatory Creek Tract contains significant endangered species habitat, karst features and Native American cultural sites. It is anticipated that the City of San Marcos, working with the Trust for Public Land, will make application for grant funding to purchase the Purgatory Creek Tract. Carina agrees to contribute an amount of Three Hundred Thousand Dollars ($300,000) towards the acquisition of the Purgatory Creek Tract. Carina shall make this payment in installments according to an agreed upon schedule or upon closing of the purchase of the Purgatory Creek Tract or another tract of land within Hays County, Texas containing significant endangered species habitat, karst features and Native American cultural sites. Article III Creation of TIRZ; Reimbursement of Project Costs from TIRZ or Other Eligible Sources of Funds 3.01 TIRZ. In addition to designing, constructing and financing the public infrastructure necessary for the Project, Carina anticipates that it will design, construct and finance, or cause to be designed, constructed, and financed, certain public infrastructure and other improvements that the City would otherwise be required to construct and/or public infrastructure that has regional benefit beyond the Property. Carina anticipates seeking reimbursement for up to $20 million of such improvements through the TIRZ. A list of the potential public infrastructure and improvements for which Carina may seek reimbursement is attached hereto as Exhibit F. In furtherance of this objective, the City and Carina shall undertake the following actions: (a) Creation of the TIRZ. The TIRZ shall include the real property described in Exhibit "H" attached hereto (the "TIRZ Boundaries "). Carina shall, and shall cause the owners of other real property to be included within the TIRZ Boundaries to petition the City to designate and create a tax increment reinvestment zone within the TIRZ Boundaries pursuant to the Act. Upon finalization of the TIRZ Project Plan and Financing Plan to the satisfaction of the City and satisfaction of all other conditions precedent contained in the Act, including the holding of hearings and giving of presentations, the City may adopt an ordinance authorizing creation of the TIRZ to be designated as "Reinvestment Zone No. 4, City of San Marcos, Texas ", the boundaries of which shall be the TIRZ Boundaries. The term of the TIRZ shall be the later of fifteen (15) years or such time as all TIRZ related debt is retired. 3.02 Reimbursement From Other Eligible Sources of Funds. Notwithstanding anything in this Agreement to the contrary, the City and Carina may agree to reimburse Carina for portions of Carma's eligible expenditures for Project Costs from other eligible sources of funds,