Res 2011-143 - Laserfiche WebLink

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New Taxes and Fees (1I City of San Marcos s Hays County Annual Sales Tax Revenue $2,165,130_ $2,165.,130,--.-.--- Annual Ad Valorem Tax Retained from Zone No. 4 (z) �. $2,545,369 $3,059,051 Estimated Annual Total $4,710,499 _ $5,224,181�� Notes- (IL) P+oiections based on 30 -year fig% of zone No. 4. (2) Estwadted mameiimmwun an ooft -ng in year 11 of zone No. 4 Lased upon ttae 40% pa pat m of the Gly and the 10% parho pabw of the cowwty_ see sdhed ule 0 - ftgected Assessed Vak at wL City of San Marcos Zone No. 4 Project Plan and Financing Plan 7 BENEFITS TO TAXING JURISDICTIONS The size and scope of residential and commercial development made possible by creation of Zone No. 4, the combination of new transportation infrastructure and new housing will be necessary to accommodate growth in the San Marcos and Hays County area. Over the 30 -year life of Zone No. 4, it is estimated that the City will collect annually approximately $4.7 million in combined new sales and use tax revenue and new ad valorem tax due to residential and commercial development associated with Zone No. 4 development. It is estimated that the County will collect approximately $5.2 million annually in combined ad valorem tax retained from Zone No. 4 revenue and residential and commercial sales tax revenue. The proposed extension of Centerpoint Drive will improve mobility for area residents. Finally, it should be noted that the taxing entities are shielded from risk in that the Developer provides the initial funding for the proposed infrastructure projects and only receives reimbursement from Zone No. 4 when and if the tax increment revenue is created by the new development. The sole source of reimbursement to the Developer is new ad valorem tax increment generated by the development itself.