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27 RESOLUTION 1990- 5 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF TAX ABATEMENT AGREEMENTS BETWEEN THE CITY AND SAN MARCOS FACTORY STORES, LTD., AND VF FACTORY OUTLET, INC., AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENTS ON BEHALF OF THE CITY: AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council has voted to create the San Marcos Reinvestment Zone No.5: and, WHEREAS, San Marcos Factory Stores, Ltd. (Factory Stores) owns all of the property included in San Marcos Reinvestment Zone No.5; subject to a contract for the sale of a portion of the property to VF Factory Outlet, Inc. (VF): and, WHEREAS, Factory Stores and VF wish to enter into tax abatement agreements with the City of San Marcos pertaining to their development of the property included in San Marcos Reinvestment Zone No.5: now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. That the proposed tax abatement agreements between the City of San Marcos and Factory Stores and VF, copies of which are attached hereto as Exhibits A and B, respectively, and incorporated herein for all purposes, are found to satisfy all of the requirements of the City's "Policy on Tax Abatement and Other Economic Development Incentives for the City of San Marcos, Texas". PART 2. That the proposed tax abatement agreements between the City of San Marcos and Factory Stores and VF, attached hereto as Exhibits A and B respectively, are found to satisfy all of the requirements of the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code. PART 3. That the recitals found in the preamble to resolution are adopted herein in their entirety. this PART 4. That the terms and conditions of the Tax Abatement Agreements between the City of San Marcos and Factory Stores and VF, which are attached hereto as Exhibits A and B, respectively, and incorporated herein for all purposes as though recited verbatim, are in all things approved and adopted effective as provided below in Part 6. PART 5. That the City ~1anager of the City of San Marcos, Larry D. Gilley, is authorized to execute said agreements, upon verification of the closing of the sale of Lot 2 of the property within Reinvestment Zone No.5 from Factory Stores to VF. PART 6. That this resolution shall be in full force and effect from and after the effective date of the ordinance creating San Marcos Reinvestment Zone No.5. ADOPTED this 22 day of January , 199Ø. 1IA1;{iJM~ ~!~:\~61orrl~ Mayor Atte~ ~ øY~ ~s K. Womack City Secretary