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<br /> 171 <br /> RESOLUTION 1998- 137 R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS, APPROVING THE TERMS AND CONDITIONS OF TAX <br />ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND <br />SPRINGTOWN SHOPS, LTD. FOR RETAIL SHOP SPACE TO BE <br />CONSTRUCTED AT SPRI NGTOWN CENTER; AUTHORIZI NG THE CITY <br />MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN <br />EFFECTIVE DATE. <br />RECITALS: <br />1. The City Council has adopted a policy on tax abatement and other economic <br />development incentives. <br />2. Springtown Shops, Ltd. is proposing to construct new retail shop space at <br />Springtown Center, and has asked the City to consider granting a tax abatement and other <br />economic development incentives related to the construction. <br />3. Springtown Shops, Ltd. wishes to enter into a tax abatement agreement <br />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 amendment has <br />been given to 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 Springtown Shops, Ltd. is found to satisfy all of the requirements of the City's "Policy <br />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 ofthe 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 27th day of July ,1998. <br /> <br /> f5~~.~ <br /> Billy G. Moore <br /> Mayor <br />~i: f(¡~ J <br />.. !. W), O. ~ <br />Ja . K. Womack <br />City Secretary <br />