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98. RESOLUTION NO. 2002- 69 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 OF SAN MARCOS AND TEXAS COUNTRY CLUBS, INC. FOR HOTEL, GOLF COURSE AND CONVENTION CENTER FACILITIES TO BE CONSTRUCTED ON THE SITE OF CITY REINVESTMENT ZONE NO. 16, NEAR THE INTERSECTION OF POSEY ROAD AND OLD BASTROP HIGHWAY; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council has adopted a policy on tax abatement and other economic development incentives. 2. Texas Country Clubs, Inc. is proposing to construct a new hotel, golf course and convention center on the site of City Reinvestment Zone No. 16, consisting of approximately 1,101 acres near the intersection of Posey Road and Old Bastrop Highway, and has asked the City to consider granting a tax abatement and other economic development incentives related to the construction. 3. The City and Texas Country Clubs, Inc. wish to enter into a tax abatement agreement pertaining to this development. 4. The property on which the proposed construction 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 of San Marcos and Texas Country Clubs, Inc. is found to satisfY all of the requirements of the City's "Policy on Tax Abatement and other Economic Development Incentives for the City of San Marcos, Texas". 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. P ART 3. The recitals to this resolution are approved and adopted in their entirety. P ART 4. The terms and conditions of the Agreement are approved and adopted.