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<br />121 <br /> <br />RESOLUTION 1999-~R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING THE TERMS AND <br />CONDITIONS OF A TAX ABATEMENT AGREEMENT <br />BETWEEN THE CITY OF SAN MARCOS AND I.B. WOOD'S, <br />INC. FOR A NEW MANUFACTURING FACIUTY TO BE <br />CONSTRUCTED IN THE 2000 BLOCK OF CLOVIS BARKER <br />DRIVE; AUTHORIZING THE CITY MANAGER TO EXECUTE <br />THE AGREEMENT; AND DECLARING AN EFFECTIVE <br />DATE. <br /> <br />RECITALS: <br /> <br />1. The City Council has adopted a policy on tax abatement and other economic <br />development incentives. <br /> <br />2. T.B. Wood's, Inc. ("T.B. Wood's") is proposing to construct a new manufacturing <br />facility in the 2000 Block of Clovis Barker Drive, and has asked the City to consider <br />granting a tax abatement and other economic development incentives related to the <br />construction. <br /> <br />3. The City and 1.8. Wood's wish to enter into a tax abatement agreement <br />pertaining to this development. <br /> <br />4. The property on which the proposed construction will be located is eligible for tax <br />abatement, and appropriate notice of this tax abatement agreement has been given to <br />other taxing entities. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />PART 1. The attached tax abatement agreement (the "Agreement") between the <br />City of San Marcos and I.B. Wood's is found to satisfy the requirements of the City's <br />"Policy on Tax Abatement and other Economic Development Incentives for the City of San <br />Marcos, Texas," except for Section D.4 regarding submission of a tax abatement <br />application prior to the commencement of construction; the City Council finds and <br />determines just cause for a waiver of this requirement, in that T.B. Wood's had submitted <br />an application for the functional equivalent of this project at another site prior to the <br />commencement of construction, and a waiver of this requirement is therefore granted. <br /> <br />PART 2. The Agreement is found to satisfy all of the requirements of the Property <br />Redevelopment and Tax Abatement Act, Chapter 312 of the Texas Tax Code. <br /> <br />PART 3. The recitals found in the preamble to this resolution are approved and <br />adopted in their entirety. <br /> <br />PART 4. The terms and conditions of the Agreement are approved and adopted. <br /> <br />PART 5. The City Manager of the City of San Marcos, Larry D. Gilley, is authorized <br />to execute this Agreement. <br /> <br />PART 6. This Resolution is in full force and effect immediately upon its passage. <br /> <br />ADOPTED this 12th day of April <br /> <br />,1999. <br /> <br />~tPt:",\ ',JIlTJ.. ) <br />" .' ~[; ilvlr V)' u rpNi{1~JJ/ <br />J . IS K. Womack <br />City Secretary <br /> <br />~;l~ A '/1 <br />~~~~i;~;rj}lJ <br /> <br />Mayor Pro-tern <br />