Res 2011-142 - Laserfiche WebLink

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THE STATE OF TEXAS § COUNTY OF HAYS § INTERLOCAL AGREEMENT BETWEEN HAYS COUNTY AND THE CITY OF SAN MARCOS RELATED TO SAN MARCOS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO.4 THIS INTERLOCAL AGREEMENT ( "Agreement ") is made by and between the CITY OF SAN MARCOS, TEXAS (the "City "), a home rule municipality of the State of Texas, acting by and through its governing body, the City Council, and HAYS COUNTY, TEXAS (the "County"), acting by and through its governing body, the Commissioners Court. This Agreement is made pursuant to Chapter 791 of the Texas Government Code and Chapter 311 of the Texas Tax Code for the participation of the City and the County in REINVESTMENT ZONE NUMBER FOUR, CITY OF SAN MARCOS, TEXAS (the "Reinvestment Zone "), a reinvestment zone to be created by the City pursuant to Chapter 311 of the Texas Tax Code. RECITALS: The City, at the request of Carma Paso Robles LLC. (the "Developer "), a Texas limited liability company and the owner of the real property being developed, is in the process of designating the Reinvestment Zone in the area more particularly described in the attached Exhibit A and on the map attached hereto as Exhibit B. The Reinvestment Zone consists of approximately 1,338.56 acres of land. The general purpose of the Reinvestment Zone is to promote the redevelopment of the property in the Reinvestment Zone and in surrounding areas in the City and County pursuant to the tax increment finance provisions of Section 311.005(a)(1), (2) and (4) of the Texas Tax Code. The specific purpose of the Reinvestment Zone is to provide a financing mechanism to pay for a portion of the costs associated with certain water, wastewater, roads/drainage and reclaimed water improvements within the Reinvestment Zone as set forth in Exhibit C (the "Project "). The purposes of the Project are to improve public infrastructure to Facilitate —a new development by the Developer consisting of up to 3,450 single - family homes, a daily fee golf course and clubhouse, walking trails, parks and sites for general commercial use for residents of the City and the County. The financial plan for the Project is for the Developer to incur all costs associated with the design and construction of the Project (the "Project Costs "), and for the City, with assistance from the County as provided in this Agreement, to reimburse the Developer for a portion of the Project Costs from tax increment revenues derived from increases in property values resulting from new development in the Reinvestment Zone.