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<br /> 23. <br /> RESOLUTION 1998-~R <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN AMENDED <br /> TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS <br /> AND THE DAYTON HUDSON CORPORATION FOR A TARGET RETAIL <br /> DEPARTMENT STORE TO BE CONSTRUCTED AT SPRINGTOWN <br /> CENTER; AUTHORIZING THE CITY MANAGER TO EXECUTE THE <br /> AGREEMENT; AND DECLARING AN EFFECTIVE DATE. <br /> RECITALS: <br /> 1. The City Council has adopted a policy on tax abatement and other economic <br /> development incentives. <br /> 2. The Dayton Hudson Corporation is proposing construct a new Target retail <br /> department store at Springtown Center, and has asked the City to consider granting a tax <br /> abatement and other economic development incentives related to the construction. <br /> 3. The Dayton Hudson Corporation wishes to enter into a tax abatement <br /> agreement with the City of San Marcos pertaining to this construction. <br /> 4. The property on which the proposed construction will be located is eligible for <br /> tax abatement, and appropriate notice of this tax abatement agreement has been given to <br /> other taxing entities. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS: <br /> PART 1. The attached tax abatement agreement between the City of San Marcos <br /> and the Dayton Hudson Corporation is found to satisfy all of the requirements of the City's <br /> "Policy on Tax Abatement and other Economic Development Incentives for the City of San <br /> Marcos, Texas." <br /> PART 2. The attached tax abatement agreement is found to satisfy all of the <br /> requirements of the Property Redevelopment and Tax Abatement Act, Chapter 312 of the <br /> Texas Tax Code. <br /> PART 3. The recitals found in the preamble to this resolution are adopted in their <br /> entirety. <br /> PART 4. The terms and conditions of the attached tax abatement agreement are <br /> approved and adopted. <br /> PART 5. The City Manager of the City of San Marcos, Larry D. Gilley, is authorized <br /> to execute this Agreement. <br /> PART 6. This Resolution is in full force and effect immediately upon its passage. <br /> Adopted this 11th day of Mqy 1998. <br /> <br /> ~~~. ~ <br /> Billy G. Moore <br /> Mayor <br /> ?J~ff! ffY ~ <br /> Janis K. Womack <br /> City Secretary <br />