Ord 2006-034 - Laserfiche WebLink

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INTRODUCTION This document includes the Conference Center Project Plan and Reinvestment Zone Financing Plan for the Tax Increment Reinvestment Zone No. 3 (the "Zone") of the City of San Marcos (the "City"), as required by Chapter 311, Texas Tax Code. The purpose of the Zone is to provide a financing vehicle needed for the completion of a joint project between the City and John Q. Hammons, as Trustee of the Revocable Trust of John Q. Hammons, Dated December 8, 2003, as amended and restated ("JQH"). JQH and the City are pursuing a joint project (the "Project") whereby JQH would construct and operate a full service upscale hotel (the "Hotel") of at least ten (10) stories in height with a minimum of two hundred seventy five (275) guest rooms and the City would construct, and lease to JQH, a first class conference center facility and related improvements (the "Conference Center") adjacent to the Hotel, which Conference Center would contain one large ballroom sufficient to lawfully accommodate one thousand (1,000) people for a banquet style event. The Zone would be used to reimburse costs associated with construction of the Conference Center. The proposed Zone is located to the east of Interstate 35 to the south and north of the McCarty Lane intersection. The Zone consists of approximately 15 acres of land. A property metes and bounds description is provided in the attached Exhibit A. PRELIMINARY PROJECT PLAN Existing Uses and Conditions and Proposed Improvements Existing Conditions The property is undeveloped and lacking adequate infrastructure to enable its development. The subject site has been utilized as farmland and pastureland. A map depicting these existing uses is attached as Exhibit "F". Surrounding Conditions Land uses surrounding the proposed Zone include undeveloped, commercial, and industrial uses. 3