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88. RESOLUTION NO. 2004- 6,7 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A TAX ABATEMENT AGREEMENT BETWEEN THE CITYAND T.B. WOOD'S, INCORPORATED FOR A MANUFACTURING OPERATIONS EXPANSION AT 2000 CLOVIS BARKER DRIVE; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council has adopted a policy on economic development incentives. 2. T.B. Wood's, Incorporated ("T.B. Wood's") is proposing to install equipment for a manufacturing operations expansion at its existing facility at 2000 Clovis Barker Drive, and has asked the City to consider granting a tax abatement and other economic development incentives related to the expansion. 3. The City and T.B. Wood's wish to enter into a tax abatement agreement pertaining to this expansion. 4. The property on which the proposed expansion will be located is eligible for tax abatement, and appropriate notice of this tax abatement agreement has been given to other taxing entities. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The attached tax abatement agreement (the "Agreement") between the City and T.B. Wood's is found to satisfy the requirements of the City's "Economic Development Incentives Policy". PART 2. The Agreement is found to satisfy all of the requirements of the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code. PART 3. The recitals found in the preamble to this resolution are approved and adopted in their entirety. PART 4. The terms and conditions of the Agreement are approved and adopted. PART 5. The City Manager of the City of San Marcos, Dan O'Leary, is authorized to execute this Agreement. PART 6. This Resolution is in full force and effect immediately upon its passage.