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ORDINANCE NO. 2 011- 6 8 AN ORDINANCE DESIGNATING A CONTIGUOUS GEOGRAPHIC AREA WITHIN THE CITY OF SAN MARCOS IN CONNECTION WITH THE PASO ROBLES DEVELOPMENT AT HUNTER AND CENTERPOINT ROADS AS A REINVESTMENT ZONE FOR TAX INCREMENT FINANCING PURPOSES PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE; CREATING A BOARD OF DIRECTORS FOR SUCH ZONE; CONTAINING FINDINGS AND PROVISIONS RELATED TO THE FOREGOING SUBJECT; AND PROVIDING A SEVERABILITY CLAUSE. WHEREAS, the City Council of the City of San Marcos, Texas (the "City") on May 17, 2011 received a petition from Carma Paso Robles LLC (the "Developer "), the sole land owner of the proposed Paso Robles development, requesting designation of approximately 1,338 acres and a tax increment reinvestment zone; and WHEREAS, the City Council of the City has determined that based upon the petition of —the Developer the- designation- of a reinvestment -zone by the City, as- authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes Annotated (the "Act ") within the area of the City as described in Exhibit "A" attached hereto, is in the best interest of the City in accordance with Article VIII, Section 1 -g of the Texas Constitution as the area is predominantly open, and underdeveloped and, substantially impairs the sound growth of the City; and WHEREAS, the City has prepared a preliminary reinvestment zone project and financing plan, a true and correct copy of which is on file with the City Clerk, which plan provides that a portion of City ad valorem taxes constituting its tax increment, within the "City of San Marcos, Texas Tax Increment Reinvestment Zone No. 4" (the "Zone No. 4 ") within the area set forth in Exhibit "A ", are to be deposited into the hereinafter created tax increment fund, and that taxes of other taxing units may be utilized in the financing of the proposed Zone No. 4; and WHEREAS, a notice of the November 15, 2011 public hearing on the designation of the proposed Zone No. 4 was published on November 1, 2011, in the San Marcos Daily Record, a newspaper of general circulation in the City; and WHEREAS, at the public hearing on November 15, 2011, interested persons were allowed to speak for or against the designation of the proposed Zone No. 4, its boundaries, or the concept of tax increment financing and owners of property in the proposed Zone No. 4 were given a reasonable opportunity to protest the inclusion of their property in the proposed Zone No. 4; and