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I I I 161. RESOLUTION NO 2005- 35 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 THE TEXAS HIGH SCHOOL COACHES ASSOCIATION, INC FOR A NEW OFFICE FACILITY IN THE 2500 - 2600 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 The Texas High School Coaches Association (the "Association") is proposing to construct a new office facility on its property in the 2500 - 2600 blocks of IH-35 South, and has asked the City to consider granting a tax abatement and other economic development incentives related to the facility 3 The City and the Association wish to enter into a tax abatement agreement pertaining to this facility 4 The property on which the proposed facility 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 Association 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