Res 2006-182 - Laserfiche WebLink

Home Browse Search

I RESOLUTION NO. 2006-~R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A TAX ABATBMENT AGREEMENT BETWEEN THE CITY AND THOMPSON SUPPLY, INC. FOR A NEW COMMERCIAL FACILITIES PROJECT ON CLOVIS BARKER 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 abatements and waiver of development fees in certain circumstances. 2. The City has received a request from Thompson Supply, Inc. ("Thompson") for a tax abatement and waiver of development costs in connection with a proposed new commercial facilities project on Clovis Barker Drive, under which Thompson is planning significant capital investments and creation of new jobs in the City. I 3. The property on which the Project will be located is eligible for tax abatement, and appropriate notice of this tax abatement agreement has been given to other taxing entities. 4. The City and Thompson wish to enter into a tax abatement agreement pertaining to this project. 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 Thompson Supply, Inc., 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. PART 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 the Agreement. I PART 6. This Resolution is in full force and effect immediately upon its passage.