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- 185 ~ r >-¡I :J 15 ~ æ~ JJ ü -- 5:§ .J .0 -... u.J C7) ü:~\ ~ ~; ORDINANCE 1997 - ~ . :¡¡ C,;; c.:t AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, DESIGNATING A REINVESTMENT ZONE NO.9 PURSUANT TO CHAPTER 312 OF THE TEXAS TAX CODE TO INCLUDE PROPERTY COMPRISING AN AREA OF 0.860 ACRE LOCATED AT 817 -- IH-35 NORTH; MAKING STATUTORY FINDINGS; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Council of the City of San Marcos, Texas, desires to promote the development of an area within its jurisdiction by the creation of a reinvestment zone, to be known as Reinvestment No.9, as authorized by Chapter 312 of the Texas Tax Code. 2. A public hearing before the City Council was held on APR I L 141 1997 at the regular meeting of the City Council, beginning at 7:30 p.m., and this date was at least seven (7) days after the date of publication of a notice concerning such public hearing. 3. Notice of this public hearing was delivered in writing to the presiding officer of the governing body of each taxing unit that includes in its boundaries real property that is to be included in the proposed reinvestment zone. 4. All statutory prerequisites to the creation of San Marcos Reinvestment Zone No.9 have been met. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The facts and recitations contained in the preamble of this ordinance are found and declared to be true and correct. SECTION 2. The City Council finds that the property to be included In Reinvestment Zone No.9, comprising an area of approximately 0.860 acre and located at 817 IH-35 North, the legal description of which is Lot 59-A, Block 1 of the Rio Vista Terrace Subdivision, per plat recorded in Volume 6, Page 80 of the Hays County Plat Records (the "Property"), is an area that is reasonably likely as a result of a designation as a reinvestment zone to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the City of San Marcos. SECTION 3. The improvements sought to be made by the owners of the Property are found to be feasible and practical and would be a benefit to the land to be included in the zone and to the City of San Marcos after a tax abatement agreement covering the development of the property has expired. SECTION 4. The City creates a reinvestment zone to be known as San Marcos Reinvestment Zone No.9 within and over the Property. SECTION 5. This Ordinance shall be in effect ten (10) days from and after its passage, and it shall be published in a newspaper of general circulation in the area as required by the Charter of the City of San Marcos, Texas. PASSED AND APPROVED on first reading APRIL 141 1997. PASSED AND APPROVED on second reading APRIL 281 1997.