Res 2006-154 - Laserfiche WebLink

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I I I RESOLUTION NO. 2006-154 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 AND GENL YTE THOMAS GROUP, LLC FOR REMODELING AND EQUIPPING A MANUFACTURING FACILITY AT 500 WONDER WORLD DRIVE; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council has adopted an "Economic Development Incentives Policy" that authorizes tax abatement agreements. 2. Genlyte Thomas Group, LLC ("Genlyte") is proposing to remodel and equip an existing manufacturing facility on its property at 500 Wonder World Drive, and has asked the City to consider granting a tax abatement and other economic development incentives related to the expanSiOn. 3. The City and Genlyte wish to enter into a tax abatement agreement pertaining to this facility. 4. The property on which the proposed expansion will be located is eligible for tax abatement, and appropriate notice of this tax abatement agreement has been given to other taxing entities. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The attached tax abatement agreement (the "Agreement") between the City and Genlyte is found to satisfy the requirements of the City's "Economic Development Incentives Policy" . PART 2. The Agreement is found to satisfy all of the requirements of the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code. P ART 3. The recitals found in the preamble to this resolution are approved and adopted in their entirety. PART 4. The terms and conditions of the Agreement are approved and adopted. PART 5. The City Manager, Dan O'Leary, is authorized to execute this Agreement.