Ord 2011-074 - TIRZ 5 - Laserfiche WebLink

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ORDINANCE NO, 2011-74 AN ORDINANCE DESIGNATING A CONTIGUOUS GEOGRAPHIC AREA WITHIN THE CITV OF SAN MARCOS BOUNDED BV CONCHA STREET, MOORE STREET, NORTH STREET, COMANCHE STREET, SHADV DANE, FREDERICKSBURG STREET, HULL STREET, GUADALUPE STREET, 111-36, MCKIE STREET, Iasi DRIVE AND CM ALLEN STREET (APPRAXIMATELV 244 ACRES) AS A REINVESTMENT ZONE FAR TAX INCREMENT FINANCING PURPOSES PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE; CREATING A BOARD OF DIRECTORS FAR SUCH ZONE; CONTAINING FINDINGS AND PROVISIONS RELATED TO THE FOREGOING SUBJECT; AND PROVIDING A SEVERABILITV CLAUSE, WHEREAS, the City Council of the City has determined that 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 Vlll, 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 hag 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, $" (the "zone No. $ ") within the area set forth in E� 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. $; and WHEREAS. a notice of the December 6, 2011 public hearing on the designation of the proposed Zone No, $ wag published on November 20, 2011 and November 27, 2011. in the San Marco's Daily Record, a newspaper of general circulation in the City. WHEREAS, at the public hearing on December 6. 2011. interested persons were allowed to spear for or against the designation of the proposed Zone No, S, its boundaries, or the concept of tax increment financing and owners of property in the proposed Zone No, $ were given a reasonable opportunity to protest the inclusion of their property in the proposed Zone No, s; and WHEREAS, evidence was received and presented at the public hearing in favor of the designation of the proposed Zone No. 5 and its boundaries under the provisions of Chapter 311. Texas `fax Code: and