Res 2011-145 - Laserfiche WebLink

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Draft 11/10/2011 Executive Summary The proposed City of San Marcos, Texas (the "City ") Tax Increment Reinvestment Zone No. 5 ( "Zone No. 5 ") consists of approximately 244 acres in the downtown core. The Downtown Master Plan, adopted in 2008, identified a number of challenges facing this area. The City has addressed one challenge, zoning standards that are inconsistent and contrary to creating a downtown environment, with the adoption of the San Marcos SmartCode (the "SmartCode ") in 2011, putting in place a zoning that is predictable and focused on preserving downtown character while enabling pedestrian- oriented mixed -use development. Some of the other downtown challenges remain: a shortage of Class A office space, the upcoming relocation of three county facilities including the Hays County Justice Center (the "Justice Center "), financing a future commuter rail stop, and the condition of the streetscape in parts of downtown. One of the financial tools identified in the plan to help address these challenges is the creation of a tax increment reinvestment zone. Under this proposed plan, the City and Hays County (the "County ") would participate equally in a five -year tax increment reinvestment zone projected to generate approximately $587,000 over the life of the proposed Zone No. 5. It is currently proposed that Zone No. 5 increment revenues will be allocated for redevelopment of the Hays County "Justice Center" Property as part of a public - private partnership as allowed by Section 311.010(h) of the Texas Tax Code. In order to be eligible for Zone No. 5 tax increment revenues for the "Justice Center" Property, projects shall facilitate the following: 1. Jobs that are sustainable and provide economic benefit to the San Marcos community 2. Development that supports the commercialization of technology and research 3. Development that maximizes potential under the SmartCode 4. Walkable mixed use development that provides opportunities for professional office and urban residential as well as civic institutional components 5. Infrastructure improvements that facilitate place- centric contexts and /or place -based linkages to the future rail station and /or to the Square 6. Development that leverages and supports additional adjacent development in terms of design under the SmartCode, pedestrian contexts and market potential Because of the site's location on three frontages in the geographic center of the downtown area, streetscape improvements will be part of any development. However, the true value of this approach is that it powerfully leverages tax increment revenues for economic development beyond streetscape or maintenance improvements on a given block. The potential increase in tax base can help in supporting possible future passenger rail through primary job creation along with associated secondary and tertiary jobs. This approach also will encourage the engagement of higher education and other potential research partners through the focus on technology and research, ultimately ensuring that the site will be developed to its highest and best use. If the disposition of the "Justice Center" Property is not facilitated within the terms of Zone No. 5 or will not result in the policy outcomes delineated above, alternative projects will be delineated for the use of Zone No. 5 tax increment revenues. City of San Marcos Zone No. 5 Project Plan and Financing Plan 4