AGENDA CAPTION:
Title
Consider approval of Ordinance 2016-52, on second reading, amending Ordinance 2011-74 to extend the termination date until December 31, 2021 for Tax Increment Reinvestment Zone No. 5 in the area bounded by Concho Street, Moore Street, North Street, Comanche Street, Shady Lane, Fredericksburg Street, Hull Street, Guadalupe Street, IH-35, Mckie Street, LBJ Drive and CM Allen Street; including procedural provisions; and providing an effective date.
Body
Meeting date: November 15, 2016 Public Hearing and 1st Reading
December 6, 2016 2nd Hearing
Department: CMO - Steve Parker, Assistant City Manager / CFO
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
CITY COUNCIL GOAL:
Goal #4 Economic Development
Goal #7 Maintain Fiscal Responsibility
COMPREHENSIVE PLAN ELEMENT(s):
BACKGROUND:
On December 14, 2011, the City of San Marcos adopted Ordinance No. 2011-74, creating the "San Marcos, Texas Tax Increment Reinvestment Zone No. 5," as authorized under Chapter 311 of the Texas Tax Code. The full text of Ordinance No. 2011-74, including the adopted "Project and Finance Plan," is attached.
TIRZ #5 was created and authorized for five years, per the terms of an Interlocal Agreement between the City and Hays County. The TIRZ will expire on December 13, 2016, unless extended by Ordinance of the City Council in accordance with the provisions of Section 311.
The TIRZ #5 Board convened November 4, 2016 and recommended extension of Tax Increment Reinvestment Zone No. 5 for an additional five years.
The Board also recommended amending the Interlocal Agreement related to TIRZ #5 to extend the term for an additional five years and leave unchanged the amount of tax increment deposited to the Tax Increment Fund. Staff will prepare a revised Interlocal Agreement for Council consideration at the December 6, 2016 meeting. Staff will also prepare an Amended Project and Finance Plan for consideration by the TIRZ #5 ...
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