Res 2006-025 - Laserfiche WebLink

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I I I 106. RESOLUTION NO. 2006-~R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN INTERLOCAL AGREEMENT BETWEEN THE CITY AND HA YS COUNTY RELATED TO SAN MARCOS TAX INCREMENT REINVESTMENT ZONE NO.2; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. In March of 2005, the City Council created Tax Increment Reinvestment Zone No.2 in a northern portion of the City between the Blanco River and the IH-3 51Y arrington Road intersection. TIRZ No.2 consists of approximately 577 acres of land, the bulk of which is contained in the proposed Blanco Vista development owned by Carma Texas Inc. 2. The specific purpose for TIRZ No.2 is to provide financing to reimburse a portion of the costs associated with the construction of a railroad overpass on Yarrington Road at its intersection with the Union Pacific Railroad tracks (the "TIRZ Project"). The TIRZ Project will improve mobility in the area, increase safety and security for residents of the City and the County, and complete the first segment of a loop around the City of San Marcos. 3. The financial plan for the TIRZ calls for the developer of the Blanco Vista development to initially incur all costs associated with the design and construction of the TIRZ Project, and for the City to reimburse the developer from property tax revenues from increased property values in the TIRZ. 4. No bonded indebtedness will be issued by the City, the County, or the TIRZ in connection with the TIRZ Project. 5. The City wishes to approve an interlocal agreement with Hays County under which Hays County will make payments to the City towards the cost ofthe TIRZ Project from increased property tax revenues in the TIRZ. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: p ART 1. The attached Interlocal Agreement between Hays County and the City of San Marcos Related to San Marcos Tax Increment Reinvestment Zone No.2 is approved. PART 2. The City Manager, Dan O'Leary, is authorized to execute the agreement on behalf of the City. P ART 3. This Resolution is in full force and effect immediately from and after its adoption.