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THE STATE OF TEXAS § <br />COUNTY OF HAYS § <br />INTERLOCAL AGREEMENT <br />BETWEEN HAYS COUNTY AND TI-iE CITY OF SAN MARCOS RELATED TO SAN <br />MARCOS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO. 5 <br />THIS INTERLOCAL AGREEMENT ( "Agreement ") is made by and between the <br />CITY OF SAN MARCOS, TEXAS (the "City "), a home rule municipality of the State of <br />Texas, acting by and through its governing body, the City Council, and HAYS COUNTY, <br />TEXAS (the "County "), acting by and through its governing body, the Commissioners Court. <br />This Agreement is made pursuant to Chapter 791 of the Texas Government Code and Chapter <br />311 of the Texas Tax Code for the participation of the City and the County in <br />REINVESTMENT ZONE NUMBER FIVE, CITY OF SAN MARCOS, TEXAS (the <br />"Reinvestment Zone "), a reinvestment zone to be created by the City pursuant to Chapter 311 of <br />the Texas Tax Code. <br />RECITALS: <br />The City Council has determined that it is necessary to create a tax increment <br />reinvestment zone, in the area more particularly described in the attached Exhibit A and on the <br />map attached hereto as Exhibit B. The Reinvestment Zone consists of approximately 244 acres <br />in the downtown core of San Marcos, 'Texas. <br />The general purpose of the Reinvestment Zone is to promote the redevelopment of the <br />property in the Reinvestment Zone and in surrounding areas in the City and County pursuant to <br />the tax increment finance provisions of Section 311.005(a)(1) and(2) and (a -1) of the Texas Tax <br />Code. The specific purpose of the Reinvestment Zone is to provide a financing mechanism to <br />pay for a portion of the costs associated with the redevelopment of the site of the current Hays <br />County Justice Center Building through a public- private partnership. A list of the projects, <br />including but not limited to streetscape improvements, is attached as Exhibit C (the "Project <br />Costs. ") <br />The financial plan for the Project is to fund the costs associated with the design and <br />construction of the Project (the "Project Costs "), and for the City, with assistance from the <br />County as provided in this Agreement, to pay for or reimburse a private sector partner for a <br />portion of the Project Costs from tax increment revenues derived from increases in property <br />values resulting from new development in the Reinvestment Zone. <br />2 <br />