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W"'...-.' .:t". ~ @ r- ....J ~ I I I co C>,j U) _~. c.:>....... Cl , z"f~:3 ~j L,,;..,.!oil"-~l .J:: ( , ~~ ~'C~iMS? .=u:...,' .J :_.)O( )' ;>-. .._..\j 1.....;:1 , {.) ~I'""" C:. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS DESIGNATING A 15 ACRE AREA WITHIN THE CITY AT THE INTERSECTION OF IH-35 SOUTH AND McCARTY LANE AS TAX INCREMENT FINANCING REINVESTMENT ZONE NO.3 PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE; CREATING A BOARD OF DIRECTORS FOR THE ZONE; CONTAINING FINDINGS AND INCLUDING PROCEDURAL PROVISIONS. ('...J 219. c_ ORDINANCE NO. 2006- R RECIT ALS: 1. WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, the City may designate a contiguous geographic area within the City as a tax increment fmancing reinvestment zone if the area satisfies the requirements of certain sections of Chapter 311 of the Texas Tax Code; and 2. WHEREAS, John Q. Hammons, Trustee of the Revocable Trust of John Q. Hammons dated May 15,1989, as Amended and Restated (the "Developer") and the City, owners of the 15 acres tract of property described in the attached Exhibit "A" and depicted on the map attached hereto as Exhibit "B" (the "Reinvestment Zone Area"), located at the intersection of IH-35 South and McCarty Lane in the city limits ofthe City, in Hays County, Texas, have agreed that the City should establish a tax increment financing reinvestment zone as a financing mechanism for costs associated with the construction, maintenance and operation of a conference center and associated facilities (the "Project") as part of a hotel and conference center development in the Reinvestment Zone Area; and 3. WHEREAS, the City has prepared a preliminary reinvestment zone financing plan, which provides that City of San Marcos ad valorem taxes are to be deposited into a tax increment fund, and that taxes of other taxing units may be utilized in the financing of certain proposed public improvements in the Reinvestment Zone Area; and 4. WHEREAS, the City provided written notice ofthe public hearing on the creation of the proposed reinvestment zone to the governing body of all taxing units levying taxes on property in the Reinvestment Zone Area, in compliance with the requirements of Chapter 311, Texas Tax Code; and 5. WHEREAS, the City provided published notice of the public hearing on the creation of the proposed reinvestment zone was published on February J...@, 2006, in the San Marcos Daily Record, a newspaper of general circulation in the City; and 6. WHEREAS, on February 21, 2006, the City Council held a public hearing on the creation of the proposed reinvestment zone, and at the public hearing interested persons were allowed to speak for or against the creation of the proposed reinvestment zone, its boundaries, or the concept of tax increment financing; and owners of property in the Reinvestment Zone Area were given a reasonable opportunity to protest the inclusion of their property in the Reinvestment Zone Area; and -1-