Ord 2011-068 - Laserfiche WebLink

Home Browse Search

(3) The proposed Zone No. 4 does not contain more than 50 percent (50 %) of the total appraised value of real property taxable by Hays County; (4) The development or redevelopment of the property in the proposed Zone No. 4 will not occur solely through private investment in the reasonably foreseeable future; (5) Less than 30 percent (30 %) of the property in the proposed Zone No. 4 is used for residential purposes within the meaning of Section 311.006(d), Texas Tax Code; and (6) The improvements proposed to be implemented in the proposed reinvestment Zone No. 4 will significantly enhance the value of all taxable real property in the proposed reinvestment Zone No. 4 and will be of general benefit to the City and the County. Section 2. Desisnation of Zone No. 4. The City, acting under the provisions of Chapter 311, Texas Tax Code, including Section 311.005(a)(4), does hereby designate as a reinvestment zone, and create and designate a reinvestment zone over, the area described in Exhibit "A" and depicted in the map attached hereto as Exhibit "B" to promote the development of the area. The reinvestment zone shall hereafter be named -for identification as Tax Increment Reinvestment Zone No. Four, City of San Marcos, Texas. Section 3. Board of Directors. That there is hereby created a Board of Directors for Zone No. 4, which shall consist of nine (9) members. The City Council shall appoint directors to Positions One through Six; provided, however, that Hays County shall be entitled to appoint a director to Position Seven if Hays County approves the payment of all or part of the tax increment attributable to Hays County. Failure of Hays County to appoint a director by April 1, 2012, shall be deemed a waiver of Hays County's right to appoint a director, and the City Council shall be entitled to nominate and appoint a director to such position. Positions Eight and Nine shall consist of the member of the State House of Representatives and State Senate (or their designees), respectively, in whose district Zone No. 4 is located. The directors appointed to Positions One, Three, Five and Six shall be appointed for two year terms, beginning on January 1, 2012, while the directors appointed to Positions Two, Four, Seven, Eight and Nine shall be appointed to one year terms beginning on the effective date of Zone No. 4. All subsequent appointments shall be appointed for two -year terms. The member of the Board of Directors appointed to Position One is hereby designated to serve as chair for the period beginning January 1, 2012 and ending December 31, 2014. Thereafter the City Council shall annually nominate and appoint a member to serve as chair for a term of one year beginning January 1 of the following year. The City Council authorizes the Board of Directors to elect from its members a vice chair and such other officers as the Board of Directors determines.