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I I I 142 RESOLUTION NO. 2006- 123 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN INTERLOCAL AGREEMENT BETWEEN THE CITY AND HAYS COUNTY RELATED TO SAN MARCOS TAX INCREMENT REINVESTMENT ZONE NO.3; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council created City of San Marcos Tax Increment Reinvestment Zone No.3 (the "Zone") in Ordinance No. 2006-8 on March 21,2006, covering a 15 acre tract ofland located at the intersection of McCarty Lane and IH-35. 2. The purpose of the Zone is to provide a financing mechanism to pay a portion of the City's costs associated with the construction ofthe San Marcos Conference Center. The City will lease the Conference Center to JQH - San Marcos Development, LLC, and in exchange, JQH will make payments to the City in the amount of 30% of the debt payments. 3. The City will make payments on its portion of the Conference Center debt (70%) from: a. The tax increment revenues derived by the City from increases in property values resulting from new development in the Zone, b. Payments made by Hays County to the City under the attached agreement, and c. Other revenue sources available to the City, including hotel occupancy taxes, sales taxes and mixed beverage taxes generated in the Zone. 4. Under the attached agreement, Hays County will make annual payments to the City from County tax increment revenues (tax collections from increased property values in the Zone), and the City will use the funds provided by the County solely towards the City's payments on the Conference Center debt. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: P ART 1. The attached Interlocal Agreement between Hays County and the City of San Marcos Related to San Marcos Tax Increment Reinvestment Zone No.3 is approved. PART 2. The City Manager, Dan O'Leary, is authorized to execute the agreement on behalf of the City. P ART 3. This Resolution is in full force and effect immediately from and after its adoption. ADOPTED on August 15. 2006.