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184. RESOLUTION NO. 2005- h h 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 CITY AND L1NCOLN/MFIL RED OAK, LTD. FOR NEW COMMERCIAL RETAIL FACILITIES IN THE 2200- 2300 BLOCKS OF IH-35 SOUTH; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council has adopted an "Economic Development Incentives Policy" that authorizes tax abatement agreements. 2. Lincoln/MFIL Red Oak, Ltd. (the "Developer") is proposing to construct new commercial retail facilities (the "Facilities") on a 45 acre tract of property in the 2200 -2300 blocks of IH-35 South, and has asked the City to consider granting a tax abatement and other economic development incentives related to the Facillities. 3. The City and the Developer wish to enter into a tax abatement agreement pertaining to the Facilities. 4. The property on which the Facilities will be constructed 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 the Developer 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, Dan O'Leary, is authorized to execute the Agreement. PART 6. This Resolution is in full force and effect immediately upon its passage.