Ord 2005-017 - Laserfiche WebLink

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I PRELIMINARY PROJECT PLAN INTRODUCTION This document constitutes the Preliminary Project Plan and Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone Number Two (the "Zone") of the City of San Marcos (the "City"), as required by Chapter 311, Texas Tax Code The purpose of the Zone is to provide for the financing vehicle needed to reimburse costs associated with the construction of a railroad overpass (the "Project") on Yarrington Road at its intersection with the Union Pacific Railroad tracks in and near the city limits of the City, in Hays County, Texas. The purposes for the Project are to improve mobility in the region, increase safety and security for area residents, and complete the first leg of a loop around the City of San Marcos Expenditures associated with the design and construction of the Project, as well as other specific Project-related costs, will be partially reimbursed by tax increment revenues derived from increases in property values resulting from new development in the Zone Location I The proposed Zone is generally bounded by the Blanco River on the west, proposed State Loop Highway 110 and Yarrington Road on the north, Post Road on the east, and Old Stagecoach Road on the south, and as further described in the enclosed map The property consists of approximately 577 acres of land. A property metes and bounds description is provided in the attached Appendix A. EXISTING USES AND CONDITIONS OF REAL PROPERTY IN THE ZONE AND PROPOSED IMPROVEMENTS TO AND PROPOSED USES OF THE PROPERTY Existing Conditions I The property is generally undeveloped and lacking adequate infrastructure to enable its development. The subject site has been utilized as farmland and is currently subject to an agricultural exemption from property taxes The development of the property is further constrained by the lack of basic infrastructure including public road access outside of flood-prone areas, and drainage facilities There is a predominance of defective or inadequate sidewalk or street layout, as well as problems with faulty lot layout in relation to size, adequacy, accessibility, or usefulness The area is predominantly open and, because of obsolete platting, deterioration of structures or site improvements, or other factors, the area substantially impairs or arrests the sound growth of the City Page 3 of27 of Exhibit C 3 1/31/05