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<br />126. <br /> <br />RESOLUTION 2002- 35 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS, ADOPTING A POLICY ON TAX ABATEMENT AND OTHER <br />ECONOMIC DEVELOPMENT INCENTIVES FOR THE CITY OF SAN <br />MARCOS, TEXAS, AND DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council desires to promote economic development within San <br />Marcos. <br /> <br />2. Providing tax abatement and other economic development incentives <br />within the City and its extraterritorial jurisdiction will likely contribute to the economic <br />development of San Marcos by encouraging major investment and the creation of jobs. <br /> <br />3. The Property Redevelopment and Tax Abatement Act, Chapter 312 of the <br />Texas Tax Code, requires the City to establish guidelines and criteria for tax <br />abatement before entering into a tax abatement agreement. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The City of San Marcos elects to continue its eligibility to participate <br />in tax abatement. <br /> <br />PART 2. The attached Policy on Tax Abatement and Other Economic <br />Development Incentives is approved and adopted. <br /> <br />PART 3. <br /> <br />This resolution shall be full force and effect from and after its passage. <br /> <br />Adopted this 11 th day of February <br /> <br />,2002. <br /> <br /> <br />David Chiu <br />Mayor <br /> <br />ATTEST: <br /> <br />