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ORDINANCE NO. 2003- <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, REDESIGNAT1NG RE1NVESTMENT <br />ZONE NO. 3 FOR TAX ABATEMENT PURPOSES PURSUANT <br />TO CHAPTER 312 OF THE TEXAS TAX CODE, CONSISTING <br />OF ALL OF THE PROPERTY LOCATED IN THE CENTRAL <br />BUSINESS AREA ZONING DISTRICT; MAYdNG STATUTORY <br />FINDINGS; AND DECLARING AN EMERGENCY. <br /> <br />115. <br /> <br />RECITALS: <br /> <br /> 1. The City Council originally designated the Central Business Area Zoning District as San <br />Mareos Reinvestment Zone No. 3 in Ordinmrce No. 1989-17, on May 22, 1989. <br /> <br /> 2. The City Council desires to promote the development of an area within its jurisdiction by <br />redesignating San Marcos Reinvestment Zone No. 3, as authorized by Chapter 312 of the Texas Tax <br />Code. <br /> <br /> 3. A public hearing before the City Council on the redesignation of this minvestment zone <br />was held on March 3, 2003 at the regular meeting of the City Council, and this date was <br />at least seven days after the date of publication of a notice concerning the public hearing in a <br />newspaper of general circulation in the City. <br /> <br /> 4. A notice of this public.hearing was delivered in va'iting to the presiding officer of the <br />governing body of each taxing rmit that includes in its boundaries real property that is to be included <br />in the proposed reinvestment zone. <br /> <br /> 5. All statutory prerequisites to the redesignation of Reinvestment Zone No. 3 as a <br />reinvestment zone for tax abatement purposes trader Chapter 312 of the Texas Tax Code have been <br />met. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />SECTION 1. The facts mad recitations contained in the Recitals of this ordinance are found and <br />determined to be true and correct. <br /> <br />SECTION 2. The City Council finds that the property to be included in San Marcos Reinvestment <br />Zone No. 3, consisting of all of the property located with'm the Central Business Area Zoning District <br />(the "Reinvestment Zone Area") as depicted on the attached map, is m~ area that is reasonably likely <br />as a result of designation as a reinvestment zone to contribute to the retention or expansion of <br />primary employment or to attract major investment in the Reinvestment Zone Area that would be <br />a benefit to the Reinvestment Zone Area and that would contribnte to the economic development of <br />the City. <br /> <br /> <br />