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<br /> ~ 33 <br /> 0- ORDINANCE 1990-49 <br /> - <br /> - CITY COUNCIL OF THE <br /> N" AN ORDINANCE OF THE <br /> ,,-,,1 CITY OF SAN MARCOS, TEXAS, DESIGNATING A <br /> REINVESTMENT ZONE PURSUANT TO CHAPTER 312 <br /> OF THE TEXAS TAX CODE TO INCLUDE PROPERTY <br /> COMPRISING AN AREA OF APPROXIMATELY 24.34 <br /> () ACRES LOCATED IN THE l3ØØ BLOCK OF WONDER <br /> ~ <br /> ~ WORLD DRIVE, TO BE KNOWN AS REINVESTMENT <br /> ...",.. ZONE NO. 6; ESTABLISHING THE SPECIFIC <br /> -, BOUNDARIES THEREOF; MAKING CERTAIN <br /> STATUTORY FINDINGS¡ AND DECLARING AN <br /> EFFECTIVE DATE. <br /> WHEREAS, the City Council of the City of San Marcos, Texas, <br /> desires to promote the development of an area within its jurisdiction <br /> by the creation of a reinvestment zone, as authorized by Chapter 312 of <br /> the Texas Tax Code; and, <br /> WHEREAS, a hearing before the City Council was held on <br /> June 25, 1990 at the regular meeting of the City Council, beginning <br /> at 7:3Ø p.m., and such date was at least seven (7) days after the date <br /> of publication of a notice concerning such public hearing¡ and, <br /> WHEREAS, notice of said public hearing was delivered in writing to <br /> the presiding officer of the governing body of each taxing unit that <br /> includes in its boundaries real property that is to be included in the <br /> proposed reinvestment zone¡ and, <br /> WHEREAS, all statutory prerequisites to the creation of San Marcos <br /> Reinvestment Zone No. 6 have been met; now, therefore, <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS: <br /> SECTION 1. That the facts and recitations contained in the <br /> preamble of this ordinance are hereby found and declared to be true and <br /> correct. <br /> SECTION 2. That the City Council find s that the property to be <br /> included in Reinvestment Zone No. 6, comprising an area of <br /> approximately 24.34 acres and located in the l3ØØ Block of Wonder World <br /> Drive, whi ch is more fully described in the legal description attached <br /> hereto and incorporated herein for all purposes as Exhibit A, is an <br /> area that is reasonably likely as a result of a designation as a <br /> reinvestment zone to contr ibute to the retention or expansion of <br /> primary employment or to attract major investment in the zone that <br /> would be a benefit to the property and that would contribute to the <br /> economic development of the City of San Marcos. <br /> SECTION 3. That the improvements sought to be made by the owners <br /> of property in the proposed reinvestment zone are found to be feasible <br /> and practical and would be a benefit to the land to be included in the <br /> zone and to the City of San Marcos after a tax abatement agreement <br /> covering the development of said property has expîred. <br /> SECTION 4. That the City hereby creates a reinvestment zone to be <br /> known as San Marcos Reinvestment Zone No. 6 over the area described in <br /> the legal description attached as Exhibit A, which is incorporated <br /> herein for all purposes as though recited verbatim herein. <br /> SECTION 5. That this Ordinance shall be in effect ten (lØ) days <br /> from and after its passage, and it shall be published in a newspaper of <br /> general circulation in the area as required by the Charter of the City <br /> of San Marcos, Texas. <br /> PASSED AND APPROVED on first reading June 25, 1990. <br /> AND APPROVED on second July 9, 1990. <br /> uly 23, :~ <br /> . jJJJ 1 <br />