Res 2011-143 - Laserfiche WebLink

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TEXAS TAX CODE SUBTITLE W SPECIAL PIROPERlyTAX PROYl5 M CHAPTER 31L TAX INCREMENT FINANCING ACT Sec. 31L ®1L PROJECT AND FINANCING PLANS (a) The board of directors of a reinvestment zone shall prepare and adopt a project plate and a reinvestment zone financing plan for the zone and submit the plans to the governing body of the mumapaft or county that designated the zone. (b) The project plan must include: (1) a desoniptim and map showing existing uses and conditions of real property in the zone and a map showing proposed uses of that property (2) proposed changes of zoning ordinances, the master plan of the municipality, braiding codes, other municipal ord mantes„ and vi*xhvis m rules and regulations, if any, of the county, if (3) a list of estimated non - project costs; and (4) a statement of a method of relocating persons to be displaced, if any, as a rest of implementing the plan. City of San Marcos Zone No. 4 Project Plan and Financing Plan 8 PROJECT AND FINANCE PLAN The purpose of Zone No. 4 is to reimburse the Developer for costs associated with the construction by the Developer of approximately $20 million of the approximately $99 million of infrastructure improvements funded by the Developer, including water, reclaimed water, wastewater and street improvements. Infrastructure improvement costs may include interest costs within the $20 million reimbursement limitation. Zone No. 4 includes agricultural and vacant land located in the City, which could not be developed beyond its current use in the near future but for the designation of Zone No_ 4. Expenditures associated with the design and construction of Zone No. 4 Projects, as well as other specific project - related costs, will be funded by tax increment revenue derived from increases in property values resulting from the new development in Zone No. 4.