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I I I 29, RESOLUTION NO. 2004- 183R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, ADOPTING A REVISED ECONOMIC DEVELOPMENT INCENTIVES POLICY FOR THE CITY; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council desires to promote economic development wIthin San Marcos, and for that reason the Council approved an Economic Development Incentives Policy in Resolution No. 2004-38R on February 23,2004. 2. Providing tax abatement and other economic development incentives within the City and its extraterritorial jurisdiction will likely contribute to the economic development of San Marcos by encouraging major investment and the creation and retention of jobs. 3. The Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code, requires the City to establish guidelines and criteria for tax abatement before entering into a tax abatement agreement. 4. Texas Local Government Code Chapter 380 authorizes the City to establish and provide for the administration of a program for making loans and grants of public money and providing personnel and services of the City to promote local economic development and to stimulate business and commercial activity in the City; and the City Council wishes to exercise this authority by adding provisions to the Economic Development Incentives Policy to allow the use of sales tax rebates as an additional economic development incentive for qualified development and redevelopment proposals. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The City of San Marcos elects to contmue its eligibility to partIcipate in tax abatement. PART 2. The attached revised Economic Development Incentives Policy is approved and adopted. P ART 3. This resolution shall be full force and effect from and after its passage. Adopted on October 25, 2004 ~zrL~ Mayor