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<br />I <br /> <br />I <br /> <br />I <br /> <br />118. <br /> <br />RESOLUTION NO. 2004- 169 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS, APPROVING AN <br />ECONOMIC DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY AND SAN MARCOS FACTORY STORES, <br />LTD. RELATED TO AN EXPANSION AND <br />RENOVATION PROJECT AT PRIME OUTLETS SAN <br />MARCOS; AUTHORIZING THE CITY MANAGER TO <br />SIGN THE AGREEMENT; AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. 1. San Marcos Factory Stores, Ltd. owns and operates a retail facility in the City, Prime <br />Outlets San Marcos. <br /> <br />2. Prime Outlets San Marcos, together with Tanger Factory Outlets, has for several years <br />been the third most popular tourist destination in the State of Texas, and generates significant sales <br />and use tax revenues for the City. <br /> <br />3. San Marcos Factory Stores, Ltd. has proposed a project to renovate and expand Prime <br />Outlets San Marcos, and has estimated that this project will result in significant increases in retail <br />sales at Prime Outlets San Marcos, and in sales and use tax payments to the City_ <br /> <br />4. The City has agreed to an economic development grant to San Marcos Factory Stores, Ltd. <br />equal to a portion of the added sales tax revenue generated in the area of Prime Outlets San Marcos <br />to be expanded as a result of the Project. <br /> <br />5. The City is authorized by Chapter 380 of the Texas Local Government Code to make <br />loans or grants of public funds for the purpose of promoting local economic development and <br />stimulating business and commercial activity within the City. <br /> <br />6. The City Council finds and determines that a grant to San Marcos Factory Stores, Ltd. of <br />receipted sales tax, upon performance by San Marcos Factory Stores, Ltd. of its obligations under <br />this Agreement related to the project, will serve the public purpose of promoting local economic <br />development and enhancing business and commercial activity in the City. <br /> <br />7. The City Council finds and determines that this Agreement clearly promotes economic <br />development in the City, meets the requirements of Chapter 380 of the Texas Local Government <br />Code, and is in the best interests of the City. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The attached Economic Development Agreement between the City and San <br />