Res 2014-104/Amendment to the ILA with Lone Star Rail District.

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RESOLUTION NO. 2014-104R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING AN AMENDMENT TO THE INTERLOCAL AGREEMENT WITH THE LONE STAR RAIL DISTRICT TO PROVIDE FUNDING FOR PASSENGER RAIL SERVICE TO SAN MARCOS BY ESTABLISHING A TRANSPORATION INFRASTRUCTURE ZONE PURSUANT TO SECTION 173.256 OF THE TEXAS TRANSPORATION CODE BY ESTABLISHING A CONTRIBUTION RATE OF FIFTY PERCENT OF THE INCREMENTAL PROPERTY TAXES AND SALES TAXES GENERATED WITHIN THE ZONE; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AMENDMENT ON BEHALF OF THE CITY; AND DECLARING AN EFFECTIVE DATE. Recitals: 1. The San Marcos City Council approved a resolution on December 17, 2013 to establish a transportation infrastructure zone pursuant to Section 173.256 of the Texas Transportation Code to provide funding for the operation of a passenger rail service system to serve the City of San Marcos. 2. The interlocal agreement between the City of San Marcos and the Lone Star Rail District stated that the city would consider setting a contribution rate for incremental sales tax and property tax revenues in July of 2014. 3. The City Council deems it necessary and appropriate to set a contribution rate of 50% of the available city property tax increment and 50% of the city sales tax increment generated within the zone in order to provide funding of the operation and maintenance of the Lone Star Rail system, subject to the conditions stated in the interlocal agreement. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The attached First Amendment to Interlocal Agreement between the City of San Marcos and the Lone Star Rail District (the "Amendment ") is approved. PART 2. The City Manager is authorized to execute the Amendment on behalf of the City. PART 3. This resolution shall be in full force and effect immediately upon its adoption.