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ORDINANCE NO. 2011- 2 6 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS, AMENDING THE CITY'S 2010- <br />2011 BUDGET TO AUTHORIZE THE EXPENDITURE OF <br />$918,530 FROM FUND BALANCE FOR REIMBURSEMENT <br />OF SALES TAXES AND AD VALOREM PROPERTY <br />TAXES TO STONE CREEK CROSSING, L.P. PURSUANT <br />TO A CHAPTER 380 ECONOMIC DEVELOPMENT AND <br />PROVIDING AN EFFECTIVE DATE. <br />RECITALS: <br />1. In September 2007 the City of San Marcos entered into a Chapter 380 Economic <br />Development Agreement to provide incentives for the development of Stone Creek <br />Crossing in the form of reimbursement of ad valorem property taxes. <br />2. In October 2008 the City of San Marcos entered into a First Amendment To <br />Economic Development Agreement with Stone Creek Crossing, L.P. (the "First <br />Amendment ") providing for reimbursement of both sales taxes and ad valorem <br />property taxes generated by the development of Stone Creek Crossing. <br />3. Stone Creek Crossing, L.P. has presented invoices for reimbursement of ad valorem <br />taxes and sales taxes generated in 2009 and 2010 in the total sum of $918,530. <br />4. The City Council hereby finds that Stone Creek Crossing, L.P. has substantially <br />complied with the material terms of the Chapter 380 Economic Development <br />Agreement and the First Amendment by generating significant new ad valorem and <br />sales tax revenues during a prolonged economic downturn. <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />SECTION 1. The City Budget Ordinance for the 2010 -2011 Fiscal Year is amended as <br />set forth in the attached Exhibit A; to provide payment of $918,530 from fund balance to Stone <br />Creek Crossing, L.P. as reimbursement of ad valorem taxes and sales taxes in accordance with <br />the terms of the Chapter 380 Economic Development Agreement and the First Amendment. <br />SECTION 2. Payment in the amount of $918,530 shall be made upon presentation of <br />documentation to demonstrate to the City Manager's satisfaction that Stone Creek Crossing, L.P. <br />has received a loan extension of at least thirty six (36) months from Amegy Bank N.A. which <br />holds a first lien mortgage on the remainder of the Stone Creek Crossing property owned by <br />Stone Creek Crossing, L.P. <br />SECTION 3. These revisions will be incorporated into the 2010 -2011 City Budget. <br />SECTION 4. If any word, phrase, clause, sentence, or paragraph of this ordinance is <br />