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128. RESOLUTION NO. 2003- 46 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND GLOBAL ROCK INVESTMENTS, LTD. FOR RECONSTRUCTION, RENOVATION AND REMODELING OF THE OLD STATE BANK AND TRUST BUILDING AT 100 W. HOPKINS STREET; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Com~cil has adopted a policy on tax abatement and other economic development incentives. 2. Global Rock Investments, Ltd. is proposing to reconstruct, renovate and remodel the old State Bank and Trust building at 100 W. Hopkins Street, and has asked the City to consider granting a tax abatement and other economic development incentives related to the construction. 3. The property on which the proposed construction will occur is eligible for tax abatement, and appropriate notice of the City Council's consideration ora tax abatement agreement with Global Rock Investments, Ltd. has been given to other taxing entities. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The City Council finds that the attached tax abatement agreement (the "Agreement") between the City of San Marcos and Global Rock Investments, Ltd. satisfies all of tbe requirements of the City's Policy on Tax Abatement and other Economic Development Incentives, and all of the requirements of the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code. PART 2. The recitals to this resolation m'e approved and adopted in their entirety. PART 3. The terms and conditions of the Agreement are approved and adopted. PART 4. The City Mm~ager, Dan O'LemT~, is authorized to execute the Agreement. PART 5. This Resolution is in full force and effect immediately upon its passage. ADOPTED on l,larch 3, 2003.