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- Ç>o D. ~ g: 32. (.) -:'- 0 '13 ....... 00 .. 51 <:>0 ORDINANCE 1998- ---A2- :& Õ ~§ c'Çf} ~ ¡:! ~ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF lIJ.P -~::; SAN MARCOS, TEXAS, DESIGNATING A REINVESTMENT U..';¡' <.~ì ~~ ZONE NO. 11 PURSUANT TO CHAPTER 312 OF THE W~-' ¡:::.; TEXAS TAX CODE CONSISTING OF 21.535 ACRES OF ~ C¡;)o PROPERTY LOCATED ADJACENT TO THE 1000-1100 BLOCKS OF THORPE LANE AND THE 100 - 500 BLOCKS OF SPRINGTOWN WAY, COMMONLY KNOWN AS SPRINGTOWN CENTER, MAKING STATUTORY FINDINGS; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council of the City of San Marcos, Texas, desires to promote the development of an area within its jurisdiction by the creation of a reinvestment zone, to be known as Reinvestment No. 11, as authorized by Chapter 312 of the Texas Tax Code. 2. A public hearing before the City Council was held on Apri 1 13. 1998 at the regular meeting of the City Council, beginning at 7:30 p.m., and this date was at least seven (7) days after the date of publication of a notice concerning such public hearing. 3. Nottce of this public hearing was delivered in writing to the presiding officer of the governing body of each taxing unit that includes in its boundaries real property that is to be included in the proposed reinvestment zone. 4. All statutory prerequisites to the creation of San Marcos Reinvestment Zone No. 11 have been met. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The facts and recitations contained in the preamble of this ordinance are found and declared to be true and correct. SECTION 2. The City Council finds that the property to be included in Reinvestment Zone No. 11, located adjacent to the 1000-1100 Blocks of Thrope Lane and the 100 - 500 Blocks of Springtown Way, consisting of three tracts of land, the legal descriptions for which are attached as Exhibit A (the "Property"), is an area that is reasonably likely as a result of a designation as a reinvestment zone to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the City of San Marcos. SECTION 3. The improvements sought to be made by the owners of the Property are found to be feasible and practical and would be a benefit to the land to be included in the zone and to the City of San Marcos after a tax abatement agreement covering the development of the property has expired. SECTION 4. The City creates a reinvestment zone to be known as San Marcos Reinvestment Zone No. 11 within and over the Property. SECTION 5. All ordinances and resolutions or parts of ordinances or resolutions in conflict with this ordinance are repealed. SECTION 6. If any word, phrase, clause, sentence, or paragraph of this ordinance is held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions of this ordinance will continue in force if they can be given effect without the invalid portion. ---