Ord 2005-017 - Laserfiche WebLink

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I I I Final 2-1-05 (2) That not more than ten percent of the property In the proposed zone, excludIng property that IS publIcly owned, IS currently used for resIdentIal purposes, (3) That the total appraIsed value of taxable real property In the proposed zone does not exceed fifteen percent of the total appraIsed value oftaxable real property In the CIty and In the Industnal dIstncts created by the CIty; (4) That the proposed zone does not contaIn more than fifteen percent of the total appraised value of real property taxable by Hays County or the Hays ConsolIdated Independent School DIstnct; and (5) That the development or redevelopment of the property In the proposed zone WIll not occur solely through pnvate Investment In the reasonably foreseeable future. SECTION 2. Designation of the Zone. The CIty, actIng under the provISIOns of Chapter 311, Texas Tax Code, IncludIng Section 311 005(a), does hereby desIgnate as a reInvestment zone, and create and desIgnate a reInvestment zone over, the area described In ExhibIt "A" and depIcted In the map attached hereto as ExhibIt "B" to promote the redevelopment ofthe area. The reInvestment zone shall hereafter be named for IdentIficatIOn as Tax Increment ReInvestment Zone Number Two, CIty of San Marcos, Texas (the "Zone") The CIty CouncIl speCIfically declares that the Zone IS deSIgnated pursuant to SectIOn 311 005(a)(1) and (2) of the Texas Tax Code SECTION 3. Board of Directors. (a) There IS hereby created a Board ofDuectors for the Zone, whIch shall conSIst of seven members. PosItIOns One through Five on the Board of DIrectors shall be reserved for the CIty PosItIOns SIX and Seven shall be reserved for other taxIng units leVYIng taxes wIthIn the Zone, each of whom may appoInt one duector Any taxIng unIt that appoInts a director shall be assIgned a Board pOSItIon number In the order the CIty receIves the appoIntment. FaIlure of a taxIng umt to appoInt a dIrector by January 15,2006, shall be deemed a waIver of the nght of that umt to appoInt a dIrector, and the CIty shall thereafter be entItled to appoInt persons to the position, WhICh shall be filled as proVIded below (b) The Mayor IS hereby authonzed to nomInate and appoint, subject to City Council approval, the duectors to POSItIOns One through FIve of the Board of DIrectors, and any duector pOSItIOn reserved to another taxing unIt under (a) above that IS unfilled on January 15,2006, and any CIty duector pOSItion created by the appointment of a duector by more than two taxIng unItS leVYIng taxes WIthIn the Zone, subJect to the consent and approval of the CIty Council. (c) The duectors appoInted to odd-numbered positions shall be appointed for two year terms, begInnIng on the effectIve date of thIS OrdInance, whIle the dIrectors appoInted to even-numbered pOSItIons shall be appoInted to a one year term, begInnIng on the effectIve date of thIS OrdInance. All subsequent appoIntments shall be for two-year terms. The member of the Board of Duectors appoInted to POSItIOn One IS hereby deSIgnated to serve as the chaIr of the Board of Duectors for a one-year term begInmng on the effectIve date of thIS OrdInance. Thereafter the Mayor shall annually nomInate and appoInt, subJect to City CouncIl approval, a member to serve as chau for a term of one -3-