Res 1998-093 - Laserfiche WebLink

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24. 1435 093 TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND DAYTON HUDSON CORPORATION FOR RETAIL FACILITY REDEVELOPMENT AND EXPANSION This tax abatement agreement (this "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and the Dayton Hudson Corporation ("Dayton Hudson"), a Delaware corporation. PART 1. GENERAL PROVISIONS Section 1.01. This Agreement is authorized and governed by the Property Redevelopment and Tax Abatement Act (Chapter 312 of the Texas Tax Code), and by the City's Policy on Tax Abatement and Economic Development Incentives (the "Policy") adopted by Resolution adopted on January 12, 1998. Section 1.02. Dayton Hudson has a contract to purchase the land designated as Lot 2 on the preliminary plat of the Springtown IV Subdivision (the "Property"), as depicted on the attached Exhibit A, in San Marcos, Hays County, Texas. The Property meets the eligibility criteria for tax abatement under the Policy. The Property is situated within the City of San Marcos Reinvestment Zone No. 11 designated by separate ordinance by the City Council. Section 1.03. The Property is not part of an improvement project financed with tax increment bonds. Section 1.04. This agreement is subject to the rights of the holders of outstanding bonds of the City. Section 1.05. The Property is not owned or leased by any member of the San Marcos City Councilor any member of the City Planning and Zoning Commission. Section 1.06. Dayton Hudson agrees to ensure that all of the Improvements described below will conform to all applicable City ordinances and regulations, including but not limited to the City's Master Plan, and Chapter 5-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, Chapter 94-Development Standards, Chapter 110-Subdivisions, and Chapter 114- Zoning, of the San Marcos City Code.