Res 2006-153 - Laserfiche WebLink

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I I I RESOLUTION NO. 2006-153 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A REIMBURSEMENT AGEEMENT BETWEEN THE CITY AND CARMA BLANCO VISTA, LTD. RELATED TO TAX INCREMENT REINVESTMENT ZONE NO. TWO; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. In March of2005, the City Council created Tax Increment Reinvestment Zone No. Two, consisting of approximately 577 acres ofland in the northern portion ofthe City between the Blanco River and the Union Pacific Railroad tracks, the bulk of which is contained in the proposed Blanco Vista development owned by Carma Blanco Vista, Ltd. ("Carma"). The purpose for TIRZ No. Two is to provide financing to reimburse a portion of the costs associated with the construction of a railroad overpass (the "Project") for Yarrington Road at its intersection with the Union Pacific Railroad tracks. 2. The Project and Financing Plan for the Zone calls for Carma to incur all costs for the Project, with the City reimbursing Carma from tax revenues from increased property values in the Zone, and from payments under the City's interlocal agreement with Hays County that calls for Hays County to contribute 50% of its tax increment revenue from the Zone to the City, subject to a limit of $1,000,000 on the total contribution. 3. A portion ofthe site for the Project is not currently included in the Zone, and this area will need to be annexed to the City and added to the Zone in order for the costs for that portion of the Project to be reimbursed from tax increment revenues from the Zone. 4. The City staff has negotiated the attached Reimbursement Agreement with Carma to reimburse a portion of the costs of the Project. Under the agreement, Carma will acquire property needed for the Proj ect, will engage an engineer to design and oversee construction of the Proj ect, and will engage a contractor to construct the Proj ect; and the City will make payments to Carma once per year in an amount that consists of a) contributions from Hays County, and b) the amount of the City's tax increment revenue from the Zone, less a retainage for City services to the Zone based on the number of residential properties on the tax roll for the Zone. 5. The City wishes to approve the attached Reimbursement Agreement with Carma to reimburse the costs of the railroad overpass. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The attached Reimbursement Agreement between the City and Carma Blanco Vista, Ltd. related to Tax Increment Reinvestment Zone No. Two is approved.