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<br /> - l89 <br /> 1..., -\ <br /> v <br /> RESOLUTION 1997- ~R <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS, APPROVING THE TERMS AND CONDITIONS OF A TAX <br /> ABATEMENT AGREEMENT BE1WEEN THE CITY OF SAN MARCOS AND <br /> ARVIND B. PATEL FOR A NEW SHONEY'S INN TO BE CONSTRUCTED <br /> AT 8171H-35 NORTH; AUTHORIZING THE CITY MANAGER TO EXECUTE <br /> THE 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. ANind B. Patel is proposing to demolish the Mustang Motel at 8171-35 North <br /> and construct a new 50-unit Shoney's Inn at the location, and he has asked the City to <br /> consider granting a tax abatement and other economic development incentives related to <br /> the construction. <br /> 3. Mr. Patel wishes to enter into a tax abatement agreement with the City of San <br /> Marcos pertaining to this construction. <br /> 4. The property on which the proposed construction will be lòcated 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 ANind B. Patel is found to satisfy all of the requirements of the City's "Policy on Tax <br /> Abatement and other Economic Development Incentives for the City of San Marcos, <br /> Texas." <br /> PART 2. The attached tax abatement agreement is found to satisfy all of the <br /> requirement 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 12th day of May , 1997. <br /> <br /> b~~~ <br /> Billy G. Moore <br /> Mayor <br /> ~T: í411)i / <br /> !. ~/II;tJ' I \ '{J//V'úh <br /> Janis K. Womack <br /> City Secretary <br />