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<br />20 <br /> <br />RESOLUTION 1989-2 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, DECLARING THAT THE CITY ELECTS TO BECOME <br />ELIGIBLE TO PARTICIPATE IN OFFERING TAX ABATEMENT UNDER <br />THE PROPERTY REDEVELOPMENT AND TAX ABATEMENT ACT AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City Council desires to promote economic development <br />within San Marcos: and <br /> <br />WHEREAS, the creation of <br />purpose of offering tax <br />extraterritorial jurisdiction <br />development of San Marcos by <br />creation of jobs: and, <br /> <br />certain reinvestment zones for the <br />abatement within the City and its <br />will likely contribute to the economic <br />encouraging major investment and the <br /> <br />WHEREAS, the Property Redevelopment and Tax Abatement Act, Chapter <br />312 of the Texas Tax Code, allows a City to establish its own criteria <br />for tax abatement: now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY <br />TEXAS: <br /> <br />COUNCI L OF <br /> <br />THE <br /> <br />CITY OF <br /> <br />SAN <br /> <br />MARCOS, <br /> <br />PART 1. That the City of San Marcos does hereby elect to become <br />eligible to participate in tax abatement as authorized under the <br />Property Redevelopment and Tax Abatement Act. <br /> <br />PART 2. That the City Council shall develop guidelines and <br />criteria to be approved on a later date which will govern all tax <br />abatement agreements with the City as required by the Act. <br /> <br />PART 3. That this Resolution shall be in full <br />from and after its passage. <br /> <br />force <br /> <br />and <br /> <br />effect <br /> <br />ADOPTED <br /> <br />this <br /> <br />9 <br /> <br />day <br /> <br /> <br />1989. <br /> <br />Attest: ~ ' <br />)' " } A"/") <br />" ", Ii I ' ' ~// <br />cJt fh~~~/ ~ ()fhlw~ <br /> <br />Jatlis K. Womack <br />Ci ty Secretary <br />