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<br />~ <br /> <br /> <br />lo~ <br />~ <br /> <br /><( <br /> <br />I <br /> <br />I <br /> <br />Final 2-1-05 <br /> <br />d-4~ . <br />~O j; <br />0- Z <br />(;~ ~ <br />~ ~ -1 <br />~m r--:: <br />~ JJ '.0_ <br />;,\ L,..., <br />r, oJ <br /> <br />(/) <br />o <br />'2 ~~ <br />~ ll: as <br />c-..l w:!; <br />:r- ...J C <br />Oas <br />N >- en <br />:z !:: 15 <br /><( 0>0- <br />~ - <br />(3 <br /> <br />ORDINANCE NO. 2005- 17 <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS DESIGNATING A CONTIGUOUS <br />GEOGRAPHIC AREA WITHIN CITY OF SAN MARCOS AS <br />TAX INCREMENT FINANCING REINVESTMENT ZONE NO <br />TWO, PURSUANT TO CHAPTER 311 OF THE TEXAS TAX <br />CODE; CREATING A BOARD OF DIRECTORS FOR THE <br />ZONE, CONTAINING FINDINGS AND INCLUDING <br />PROCEDURAL PROVISIONS. <br /> <br />~ <br /> <br />20m <br />~ <br /> <br />-'!; <br /> <br />0 ~ <br />;::; " <br />'<0 m <br />0- CD <br />(;~ = C!i' <br />1>>0 t.:l !2.m <br />::lr <br />s:m I',) ~c <br />I>>:D ~ r:t) <br />n" ~ <br />U1 <br />0 ~ <br />(fl <br /> <br />RECITALS. <br /> <br />1 WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, the CIty may desIgnate a <br />contIguous geographIc area wIthin the CIty as a tax Increment financIng reInvestment zone If the area <br />satIsfies the reqUIrements of certaIn sections of Chapter 311 of the Texas Tax Code, and <br /> <br />2. WHEREAS, the owner of the maJ onty of the real property In the proposed CIty of San <br />Marcos Tax Increment ReInvestment Zone Number Two, Carma Blanco Vista LimIted (the <br />"Developer") has requested that the CIty establIsh a tax Increment financing reInvestment zone as a <br />financIng vehIcle to reImburse costs assocIated wIth the constructIOn of a railroad overpass (the <br />"ProJect") on YarrIngton Road at ItS IntersectIOn WIth the Umon PaCIfic RaIlroad tracks In and near <br />the CIty lImIts of the CIty, In Hays County, Texas, for the purposes of Improving mobilIty in the <br />regIOn, Increasing safety and secunty for area reSIdents, and completIng the first leg of a loop around <br />the CIty of San Marcos. <br /> <br />3. WHEREAS, the CIty has prepared a prelImInary reInvestment zone financIng plan, whIch <br />provIdes that CIty of San Marcos ad valorem taxes are to be depoSIted Into a tax Increment fund, and <br />that taxes of other taxIng umts may be utIlIzed In the financIng of certaIn proposed publIc <br />Improvements In the proposed zone, and <br /> <br />4.WHEREAS, the CIty proVIded \vntten notIce of the public heanng on the creatIOn of the <br />proposed zone, complYIng WIth the reqUIrements of Chapter 311, Texas Tax Code, to the governing <br />body of all taxIng umts levying taxes on property in the proposed zone, and <br /> <br />5. WHEREA~1, a notIce of the publIc heanng on the creatIOn of the proposed zone was <br />publIshed on January ~l, 2005, In the San Marcos DaIly Record, a newspaper of general cnculatIOn <br />In the CIty; and <br /> <br />6. WHEREAS, at the publIc heanng on February 1,2005, Interested persons were allowed to <br />speak for or agaInst the creatIOn ofthe proposed zone, ItS boundanes, or the concept of tax Increment <br />finanCIng; and owners of property In the proposed zone were gIven a reasonable opportumty to <br />protest the InclUSIOn of then property In the proposed zone, and <br /> <br />-1- <br />