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8 ORDINANCE 1989-16 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, DESIGNATING A COMMERCIAL-INDUSTRIAL REINVESTMENT ZONE PURSUANT TO CHAPTER 312 OF THE TEXAS TAX CODE TO INCLUDE PROPERTY PARTIALLY INSIDE ~ AND PARTIALLY OUTSIDE OF THE CITY LIMITS ~I OF SAID CITY, COMPRISING AN AREA OF APPROXIMATELY 110.859 ACRES LOCATED EAST OF INTERSTATE HIGHWAY 35 NORTH AND SOUTH OF YARRINGTON ROAD, ADJACENT TO INTERSTATE HIGH\vAY 35, TO BE KNOWN AS REINVESTMENT ZONE NO.2; ESTABLISHING THE SPECIFIC BOUNDARIES THEREOF; MAKING CERTAIN STATUTORY FINDINGS; ESTABLISHING AN EFFECTIVE DATE AND DECLARING AN EFFECTIVE DATE. WHEREAS, 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, as authorized by Chapter 312 of the Texas Tax Code; and, WHEREAS, a hearing before the City Council was held on April 24, 1989, at the regular meeting of the City Council, beginning at 7:30 p.m., and such date was at least seven (7) days after the date of publication of a notice concerning such public hearing; and, WHEREAS, notice of said public ~earing 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; and, WHEREAS, all statutory prerequisites to the creation of San Marcos Reinvestment Zone No.2 have been met; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. SECTION 2. That the City Council finds that the property to be included in Reinvestment Zone No.2, comprising an area of approximately llØ.859 acres and located East of Interstate Highway 35 North and South of Yarrington Road, adjacent to Interstate Highway 35, which is more fully described in a legal description attached hereto and incorporated herein for all purposes as Exhibit A, 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. That the improvements sought to be made by the owners of property in the proposed reinvestment zone 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 said property has expired. SECTION 4. That the City hereby creates a reinvestment zone to be known as San Marcos Reinvestment Zone No.2 over the area described by metes and bounds in Exhibit A, which is attached to this ordinance and incorporated herein for all purposes as though recited verbatim herein. SECTION 5. That 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 24, 1989. PASSED AND APPROVED on second reading May 8, 1989.