Res 2011-144-Verison of contract was not approved by Hays County

Home Browse Search

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.5 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 FIVE, 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 Council has determined that it is necessary to create a tax increment 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 244 acres in the downtown core of San Marcos, Texas. 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) and(2) and (a -1) 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 the redevelopment of the site of the current Hays County Justice Center Building through a public - private partnership. A list of the projects, including but not limited to streetscape improvements, is attached as Exhibit C (the "Project Costs. ") The financial plan for the Project is to fund the 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 pay for or reimburse a private sector partner 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.