Res 2006-153 - Laserfiche WebLink

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REIMBURSEMENT AGREEMENT This Agreement (this "Agreement") is made by and between the REINVESTMENT ZONE NO. TWO, CITY OF SAN MARCOS, TEXAS (the "Zone"), a tax increment reinvestment zone created by the City of San Marcos, Texas the pursuant to Chapter 311 of the Texas Tax Code, as amended, acting by and through its governing body, the Board of Directors (the "Zone Board"), the CITY OF SAN MARCOS, TEXAS (the "City"), a municipal corporation and home-rule city of the State of Texas principally situated in Hays County, acting by and through its governing body, the City Council of the City (the "City Council"), and CARMA BLANCO VISTA, LTD., a Texas Limited partnership (the "Developer"), acting by and through its authorized representative. RECITALS 1. Pursuant to Chapter 311 of the Texas Tax Code, as amended, and Ordinance No. 2005-17 (the "TIRZ Ordinance"), the City Council created the Zone in the City, approved a preliminary Project Plan and Reinvestment Zone Financing Plan, and appointed its Board of Directors. 2. The Zone Board and the City Council have adopted a final Project Plan and Reinvestment Zone Financing Plan (the "Proiect and Financing Plan"), which will provide that the Zone will undertake to make certain improvements in the Zone consisting of the construction of a railroad overpass and related infrastructure to extend Yarrington Road over the existing Union Pacific Railroad tracks (the "Project"). 3. The Project and Financing Plan contemplate "Project Costs" relating to the construction of the Proj ect. 4. The Texas Tax Code provides that the Zone may enter into agreements as the Zone Board considers necessary or convenient to implement the Project and Financing Plan and achieve its purposes. 5. The Developer is in the process of constructing the Project. 6. The City and the Zone Board have determined that it is in the best interest of the Zone to contract with the Developer, in order to provide for the efficient and effective implementation of certain aspects of the Project and Financing Plan, which includes the construction of the Project. 7. The Zone intends to reimburse the Developer for the Project Costs (as defined herein) pursuant to this Agreement. AGREEMENT For and in consideration of the mutual promises, covenants, obligations, and benefits of this Agreement, the City, the Zone and the Developer contract and agree as follows: