Ord 2011-074 - TIRZ 5 - Laserfiche WebLink

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(b) The improvements proposed to be implemented in the proposed reinvestment Zone No, 5 will significantly enhance the value of all taxable real property in the proposed reinvestment zone No, S and will be of general benefit to the City and the County, 5gifigIL2l 11jolignatIgIl gf 4oUg i jLL The City, acting under the provisions of Chapter 311, Texas Tax Code, including Section 311,005(a)(1), (a)(2), and (a.1) does hereby designate as a reinvestment zone, and create and designate a reinvestment zone over, the area described in Exhibit "A". The reinvestment zone shall hereafter be named for identification as City of San Marcos, Texas Tax increment Reinvestment zone No. 5, joifign 2, Board Af lilrectArR. That there is hereby created a Board of Directors for Zone No. �, which shall consist of five (s) members, The City Council shall appoint directors to Positions One and Two and Hays County shall be entitled to appoint a director to Positions Three and Four if Hays County approves the payment of all or part of the tax increment attributable to Hays County. Position Five shall be appointed by mutual agreement and approval of the governing bodies of the City and County. The directors appointed to Positions One, Three and Five shall be appointed for two year terms, beginning on January 1, 2012, while the directors appointed to Positions Two and Four shall be appointed to one year terms beginning on the effective date of Zone No, 3. All subsequent appointments shall be 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 terra 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 detcrmincs, agetigil EegnoMfe Devel,jjL The City Council hereby finds that the designation of Zone No, S and the expenditure of moneys on deposit in the Tax increment Fund are necessary or convenient to the designation of Zone No, � or to the implementation of the project plan for Zone No., including payments pursuant to one or more agreements between the City and a Developer of the Hays County Justice Center Building site and as such. constitutes a program to promote local economic development and to stimulate business and commercial activity in the City, Aget� tSevernbfl[tu if any provision. section, subsection, sentence, clause or phrase of this Ordinance, or the application of same to any person to set circumstances, is for any reason held to be unconstitutional, void or invalid. the validity of the remaining provisions of this Ordinance or their application to other persons or set of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Ordinance that no portion hereof or regulations connected herein shall become inoperative or fail by reason of any unconstitutionality. voidness or invalidity of any portion hereof, and all provisions of this Ordinance are declared severable for that purpose,