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WHEREAS, lass than 30 percent (30%) of the property in proposed Zone No, 5 is <br />currently used for residential purposes, as that term is defined in Section 311.006(d) of the Texas <br />Tax Code, and <br />WHEREAS, the City has provided all information, given all notices and done all other <br />things required by Chapter 311, Texas Tax Code, or other law as a condition to the designation <br />of the proposed zone No. 5; and <br />WHEREAS, the total appraised value of taxable real property in the proposed Zone No, <br />5 does not exceed 50 percent (50 %) of the total appraised value of taxable real property in the <br />City. <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br />CITY OF SAN MARCOS, TEXAS: <br />Sects EladjUgh a) The facts and recitations contained in the preamble of this <br />Ordinance are hereby found and declared to be true and correct and are adopted as part of this <br />Ordinance for all purposes, <br />b) The City Council further finds and declares that the proposed improvements in Zone <br />No, S will significantly enhance the value of all the taxable real property in the proposed Zone <br />No. 5 and will be of general benefit to the City, <br />c) The City Council further finds and declares that the proposed. Zone No. 5 gets the <br />criteria and requirements of Section 311,005(a)(1), (a)(2) and (a-1) of the Texas Tax Code. <br />d) The City Council, pursuant to the requirements of Chapter 311, Texas Tax Code, <br />further finds and declares; <br />(1) The proposed Zone No, 5 is a contiguous geographic area located wholly within <br />the corporate limits of the City of San Marcos; <br />(2) The total appraised value of taxable real property in the proposed Zone No, 5, <br />does not exceed 50 percent (50 %) of the total appraised value of taxable real <br />property in the City and in the industrial districts created by the City; <br />(3) The proposed Zone No, 5 does not contain more than $o percent (50 %) of the <br />total appraised value of real property taxable by Hays County, <br />(4) The development or redevelopment of the property in the proposed Zone No, 5 <br />will not occur solely through private investment in the reasonably foreseeable <br />future: <br />(5) Less than 30 percent 00%) of the property in the proposed Zone No, 5 is used for <br />residential purposes within the meaning of Section 311,006(d), Texas Tax Code, <br />and <br />z <br />