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<br />128. <br /> <br />RESOLUTION NO. 2005- 59-R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS, ADOPTING A REVISED <br />ECONOMIC DEVELOPMENT INCENTNES POLICY; <br />AND DECLARING AN EFFECTNE DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council desires to promote economic development within San Marcos, and for <br />that reason the Council approved a revised Economic Development Incentives Policy in a Resolution <br />approved on February 15,2005. <br /> <br />2. The City Council wishes to approve further revisions to the City's Economic Development <br />Incentives Policy in the following areas: <br /> <br />A. To clarify, as an evaluation factor in determining incentives, the extent of an applicant's use of <br />local contractors, suppliers and labor force (from the San Marcos area) during construction and <br />operation of an economic development project. <br />B. To provide for loans and grants under Texas Local Government Code Chapter 380 to promote <br />local economic development and to stimulate business and commercial activity in the City. <br />C. To make non-substantive changes to the policy regarding application procedures and tax <br />increment fmancing review procedures. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />PART 1. The City of San Marcos elects to continue its eligibility to participate in tax <br />abatement. <br /> <br />PART 2. The attached revised City of San Marcos Economic Development Incentives Policy <br />is approved and adopted. <br /> <br />PART 3. This resolution shall be full force and effect from and after its passage. <br /> <br />Adopted on May 3, 2005. <br /> <br />e3~ <br /> <br />Mayor <br /> <br />ATTEST: ( <br /> <br />r:!f M.i!d{1{ ()'AWV <br /> <br />JanislC. VVomack <br />City Clerk <br />