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<br />35. <br /> <br />RESOLUTION 1999- 116 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING THE TERMS AND <br />CONDITIONS OF A TAX ABATEMENT AGREEMENT <br />BETWEEN THE CITY OF SAN MARCOS AND HAYS ENERGY, <br />L.P. FOR AN ELECTRIC POWER GENERATION FACILITY TO <br />BE CONSTRUCTED AT A SITE ON FRANCIS HARRIS LANE; <br />AUTHORIZING THE CITY MANAGER TO EXECUTE THE <br />AGREEMENT; AND DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council has adopted a policy on tax abatement and other economic development <br />incentives. <br /> <br />2. Hays Energy, L.P. ("Hays Energy") is proposing to construct a new 1,100 megawatt gas- <br />fired electric power generation facility at a site of approximately 109 acres on Francis Harris Lane, <br />and has asked the City to consider granting a tax abatement and other economic development <br />incentives related to the construction. <br /> <br />3. The City and Hays Energy wish to enter into a tax abatement agreement pertaining to this <br />development. <br /> <br />4. The property on which the proposed construction will be located is eligible for tax <br />abatement, and appropriate notice of this tax abatement agreement has been given to other taxing <br />entities. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />PART 1. The attached tax abatement agreement (the "Agreement") between the City of San <br />Marcos and Hays Energy is found to satisfy all of the requirements of the City's "Policy on Tax <br />Abatement and other Economic Development Incentives for the City of San Marcos, Texas". <br /> <br />PART 2. The Agreement is found to satisfy all of the requirements of the Property <br />Redevelopment and Tax Abatement Act, Chapter 312 ofthe Texas Tax Code. <br /> <br />PART 3. The recitals found in the preamble to this resolution are approved and adopted in <br />their entirety. <br /> <br />PART 4. The terms and conditions of the Agreement are approved and adopted. <br /> <br />PART 5. The City Manager of the City of San Marcos, Larry D. Gilley, is authorized to <br />execute this Agreement. <br /> <br />PART 6. This Resolution is in full force and effect immediately upon its passage. <br /> <br />ADOPTED this 24th day of <br /> <br />May <br /> <br />,1999. <br /> <br />rs&&~~ <br /> <br />Billy G. Moore <br />Mayor <br /> <br />~/jt: V' <br />vf! fIvn/1:i !J~^t~/ <br />Jaiiis K. W olabk .. <br />City Secretary <br />