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o 2 ~ - ...;;t- N 111. ORDINANCE 2000- ----31 AN ORDn~ANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, DESIGNATING A REINVESTMENT ZONE NO. 16 PURSUANT TO CHAPTER 312 OF THE TEXAS TAX CODE, CONSISTING OF APPROXIMA TEL Y 1,101 ACRES OF LAND NEAR THE INTERSECTION OF POSEY ROAD AND OLD BASTROP HIGHWAY; MAKING STATUTORY FINDINGS; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council of the City of San Marcos, Texas, desires to promote the development of an area within its jurisdiction by the creation of a reinvestment zone, to be known as Reinvestment No. 16, as authorized by Chapter 312 of the Texas Tax Code. 2. A public hearing before the City Council on the creation of this reinvestment zone was held on March 6, 2000 at the regular meeting of the City Council, and this date was at least seven days after the date of publication of a notice concerning the public hearing in a newspaper of general circulation in the City. 3. A notice of this public hearing was delivered in writing to the presiding officer ofthe governing body of each taxing unit that includes in its boundaries real property that is to be included in the proposed reinvestment zone. 4. All statutory prerequisites to the creation of San Marcos Reinvestment Zone No. 16 have been met. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The facts and recitations contained in the Recitals of this ordinance are found and determined to be true and correct. SECTION 2. The City Council finds that the property to be included in San Marcos Reinvestment Zone No. 16, consisting of approximately 1,101 acres of land located near the intersection of Posey Road and Old Bastrop Highway, comprised of the 108 acre, 436.54 acre, 67.5 acre, 107.5 acre, 74.28 acre, 105.612 acre, 105.611 acre, and 96.091 acre tracts ofland described as Tracts One through Tract Eight, inclusive, attached as Exhibit A (the "Property"), is an area that is reasonably likely as a result of designation as a reinvestment zone to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the City of San Marcos. SECTION 3. The improvements sought to be made by the owners of the Property are found to be feasible and practical and would be a benefit to the land to be included in the zone and to the City of San Marcos after a tax abatement agreement covering the development of the property has expired. SECTION 4. The City creates a reinvestment zone to be known as San Marcos Reinvestment Zone No. 16 within and over the Property. SECTION 5. All ordinances and resolutions or parts of ordinances or resolutions in conflict with this ordinance are repealed. SECTION 6. If any word, phrase, clause, sentence, or paragraph of this ordinance is held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions ofthis ordinance will continue in force if they can be given effect without the invalid portion. SECTION 7. This Ordinance will take effect 10 days after the date of its final passage, and the City Secretary will publish notice of its adoption in a newspaper of general circulation in the City. APPROVED on first reading on March 6. 2000