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S-IðH-. CITY OF SAN MARCOS MEMORANDUM TO: Mayor Morris and City Council Members . ~. FROM: Larry D. G111ey, C1ty Manager SUBJECT: Reinvestment Zone Number One-JSABA DATE: August 18, 1989 ============================================================= The Sunset Advisory Commission has recommended that the Board of Directors of the Reinvestment Zone Number One (JASBA) be dissolved or activated by meeting at least annually. Reinvestment Zone Number One was created by ordinance on December 29, 1983, for the purpose of providing tax increment financing of the infrastructure improvements within the boundries of the zone. Section 4 of that ordinance establishes a board of directors for the zone consisting of five (5) members. It is the duty of the board to make recommendations to the City Council concerning the administration of the zone and to prepare or cause to be prepared a project plan for adoption by the Council. Although no development activity has taken place in the reinvestment zone since its creation, the zone is still in existence and is eligible for tax increment financing if development should occur. The ordinance states that the zone shall terminate operation on December 31, 1996, or at an earlier time by subsequent ordinance, or at such time, subsequent to the issuance of tax increment notes, as all project costs and tax increment notes, and the interest thereon, have been paid in full. It would, therefore, be my recommendation that although the board has not met recently, that it remain in place until such time as the reinvestment zone is terminated. While it may be the desire of the Council to ask the board to convene periodically until the zone is terminated, this appears to be unnecessary since the requirements of the board are subject to development activity. city hall' 630 8. hopkins . san marcos, texas' 78666 . 512/353-4444