Res 2007-112 - Laserfiche WebLink

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AMENDED TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND SAN MARCOS VISTA PARTNERS, LIMITED FOR DEVELOPMENT OF OFFICE AND MEDICAL FACILITY This tax abatement agreement (this "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and San Marcos Vista Partners, Limited ("SMVP"), 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 Economic Development Incentives Policy (the "Policy"). Section 1.02. SMVP owns the 5.0 acre, more or less, tract of property (the "Property") described on the attached Exhibit A, located in the 1300 block of Wonder World Drive 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. 18 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 ofthe 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. SMVP agrees to ensure that all of the improvements described below will conform to all applicable City ordinances and regulations Section 1.07. This Agreement amends the Tax Abatement Agreement entered into between the City and SMVP on or about March 15, 2005, as adopted by the San Marcos City Council in Resolution Number 2005-35R, adopted on February 15, 2005. In all respects, this Amended Tax Abatement Agreement supersedes the original agreement.