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35 RESOLUTION 1989-53R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING PART 3 OF THAT RESOLUTION ADOPTED FEBRUARY 27, 1989, WHICH NOMINATED AN AREA AS AN ENTERPRISE ZONE PURSUANT TO THE TEXAS ENTERPRISE ZONE ACT, PROVIDED TAX INCENTIVES, AND DESIGNATED A LIAISON TO ACT AS THE CITY'S AUTHORIZED REPRESENTATIVE IN ALL MATTERS PERTAINING TO THE CITY'S NOMINATION OF AN AREA AS AN ENTERPRISE ZONE AND TO ITS DESIGNATION AS SUCH BY THE TEXAS DEPARTMENT OF COMHERCE, ADDING A NEW PART 4 PROVIDING ADDITIONAL TAX ABATEMENT AND OTHER ECONOMIC DEVELOPMENT INCENTIVES, RENUMBERING THE REMAINING PARTS OF SAID RESOLUTION, AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City Council, by resolution duly adopted on February 27, 1989, nominated an economically distressed area as an enterprise zone pursuant to the Texas Enterprise Zone Act; and, WHEREAS, the City Council desires to provide certain additional tax abatement and economic development incentives to eligible enterprise zone businesses pursuant to its Policy On Tax Abatement And Other Economic Development Incentives For The City of San Marcos, Texas, adopted on January 23, 1989; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. That Part 3 of that Resolution adopted February 27, 1989, which nominated an area as an enterprise zone pursuant to the Texas Enterprise Zone Act, provided tax incentives, and designated a liaison to act as the City's authorized representative in all matters pertaining to the City's nomination of an area as an enterprise zone and to its designation as such by the Texas Department of Commerce, is hereby amended to read as follows: PART 3. That City shall rebate to eligible enterprise zone businesses the one percent (1%) local sales tax paid for the purchase(s) of machinery and equipment by a non-retail enterprise zone business and used solely for its operations within the zone. The business shall be eligible for such rebate upon: ( a) its payment of $5,000.00 minimum purchase(s) of machinery and equipment for each qualified employee remaining in the continuous employment of such business for a period of not less than one (1) year from the date of such business' application to the City for designation as an enterprise project, and (b) the continuous employment of a minimum of three ( 3 ) qualified employees for a period of not less than one (1) year from the date of application by such business to the City for designation as an enterprise project. The total rebate to any business pursuant to this incentive shall not exceed $10,000.00. Payment of the local sales tax rebate(s) by the City to eligible businesses within the enterprise zone shall be made on or before one ( I) year from the date of eligibility of such business(es) and after the receipt by the City of satisfactory documentary evidence of eligibility. PART 2. That Part 4 shall be renumbered as Part 5 and the following shall be added as Part 4 of said resolution: PART 4. That, pursuant to its Policy On Tax Abatement And Other Economic Development Incentives For The City of San Marcos, Texas, adopted on January 23, 1989, the City Council may, on an individual basis, provide to qualified businesses additional tax abatement and/or economic development incentives as set forth in said Policy.