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<br />110 <br /> <br /> <br />RR(~OLnTION 1989- 135 R <br /> <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, AMENDING PART 10F THAT RESOLUTION <br />ADOPTED JUNE 12, 1989, WHICH AMENDED PART 3 OF THAT <br />RESOLUTION ADOPTED FEBRUARY 27, 1989, PERTAINING TO <br />NOMINATION OF AN AREA AS AN ENTERPRISE ZONE; AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br /> <br />WHEREAS, the City Council, by resolution duly adopted on February <br />27, 1989, nominated an economically distressed area as an enterprise <br />zone pursuant to the Texas Enterprise Zone Act; and, <br /> <br />WHEREAS, the City Council by Resolution duly adopted on June 12, <br />1989, amended Part 3 of the above-described Resolution in order to <br />provide additional tax abatement and economic development incentives to <br />eligible enterprise zone businesses pursuant to its Policy on Tax <br />Abatement and Other Economic Development Incentives for the City of San <br />Marcos adopted on January 23, 1989; and, <br /> <br />WHEREAS, the City Council desires to change certain terminology <br />pertaining to businesses eligible for participation in the economic <br />incentives to reflect its intention to allow "qualified businesses" <br />rather than "enterprise projects," as those terms are defined in the <br />Texas Enterprise Zone Act, to participate in such incentives; now, <br />therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. That Part 3 of that Resolution adopted February 27, <br />1989, which nominated an area as an enterprise zone pursuant to <br />the Texas Enterprise Zone ,Act, provided tax incentives, and designated <br />a liaison to act as the City's a~thorized representative in all <br />matters pertaining to the City's nomination of an area as an <br />enterprise zone and to its designation as such by the Texas <br />Department of Commerce, às amended in Part 1 of that Resolution <br />adopted June 12, 1987, is hereby amended to read as follows: <br /> <br />PART 3. That City shall rebate to eligible enterprise <br />zone businesses the one percent (l%) local sales tax paid <br />for the purchase(s) of machinery and equipment by a non-retail <br />enterprise zone business and used solely for its operations <br />within the zone. The business shall be eligible for such rebate <br />upon: <br /> <br />(a) its payment of $5,000.00 minimum purchase(s) of machinery <br />and equipment for each qualified employee remaining in the <br />continuous employment of such business for a period of not <br />less than one (1) year from the date of such business' <br />application to the City for designation as a qualified <br />business, and <br /> <br />(b) the continuous employment of a minimum of three (3) <br />qualified employees for a period of not less than one (1) <br />year from the date of application by such business to the <br />City for designation as a qualified business. <br /> <br />The total rebate to any business pursuant to this incentive <br />shall not exceed $10,000.00. Payment of the local sales tax <br />rebate(s) by the City to eligible businesses within the <br />enterprise zone shall be made on or before one (I) year from <br />the date of eligibility of such business(es) and after the <br />receipt by the City of satisfactory documentary evidence <br />of eligibility. <br /> <br />PART 2. That this Resolution shall be in full force and effect <br />from and after its passage. <br /> <br />ADOPTED this 13 day of November, <br /> <br />~t/e..st: ;;4,) /111: .J ~.~ <br />" tfl/l1~/Zfl;f .Ø/}¡~-eÞ'). MORRIS <br />J nis K. Wdmaék <br />City Secretary <br />