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G-95-07-27-10A - 7/27/1995ORDINANCE NO. G - °I.5-- o g-A1- l a AN ORDINANCE DESIGNATING 7.58 ACRES OF LAND OUT OF THE DAVID CURRY SURVEY, A-130, ROUND ROCK, WILLIAMSON COUNTY, TEXAS, AND BEING ALL OF LOT 2, OAKMONT CENTRE, SECTION ONE (REVISED) AS REINVESTMENT ZONE NO. NINE FOR COMMERCIAL/INDUSTRIAL TAX ABATEMENT, CITY OF ROUND ROCK, TEXAS, ESTABLISHING THE BOUNDARIES THEREOF AND OTHER MATTERS RELATING THERETO. WHEREAS, the City Council of the City of Round Rock, Texas (the "City"), desires to promote the development or redevelopment of a certain contiguous geographic area within its jurisdiction by the creation of a reinvestment zone for commercial/industrial tax abatement, as authorized by Chapter 312, Tax Code, V.A.T.S. (the "Code"); and WHEREAS, the City Council called a public hearing for 7:00 P.M. on the 13th day of July, 1995, to consider establishment of a reinvestment zone, such date being seven (7) days after the date of publication of the notice of such public hearing and the notification of other taxing jurisdictions as required by the Code; and WHEREAS, the City at such hearing invited any interested persons to appear and contend for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, whether all or part of the territory described in the Ordinance calling such hearing should be included in such proposed reinvestment zone, the concept of tax abatement; and KS/ORDINANCE OR50713B WHEREAS, the proponents of the reinvestment zone offered evidence, both oral and documentary, in favor of all of the foregoing matters relating to the creation of the reinvestment zone, and no opponents of the reinvestment zone appeared to contest creation of the reinvestment zone; Now Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, THAT: I. The facts and recitations contained in the preamble of this Ordinance are hereby found and declared to be true and correct. II. The City Council, after conducting such hearings and having heard such evidence and testimony, has made the following findings and determinations based on the testimony presented to it: (a) That a public hearing on the adoption of the reinvestment zone has been properly called, held, and conducted and that notices of such hearing have been published as required by law and mailed to all taxing units overlapping the territory inside the proposed reinvestment zone; (b) That the boundaries of the reinvestment zone should be the area as described in Exhibit A; (c) That creation of the reinvestment zone for commercial/industrial tax abatement with boundaries as described above will result in benefits to the City and to the land included in the zone and the improvements sought are feasible and practical; (d) That the reinvestment zone as defined above meets the criteria for the creation of a reinvestment zone as set 2. forth in Section 312.202 of the Code in that it is reasonably likely as a result of the designation 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; and (e) That the reinvestment zone as defined above meets the criteria for the creation of a reinvestment zone as set forth in the City of Round Rock criteria and guidelines adopted by Ordinance No. G -93-12-09-9G on December 9th, 1993. III. Pursuant to Section 312.201 of the Tax Code, V.A.T.S., the City hereby creates a reinvestment zone for commercial/industrial tax abatement encompassing only the area described in Exhibit "A" and such reinvestment zone is hereby designated as Reinvestment Zone No. 9, City of Round Rock, Texas. IV. The reinvestment zone shall take effect on aak} i ) " 1C)1 (P and shall expire on 1,Ct fpr' 2X ? )spaQ<. V. A. All ordinances, parts of ordinances, or resolutions in conflict herewith are expressly repealed. B. The invalidity of any section or provision of this ordinance shall not invalidate other sections or provisions thereof. 3. Alternative 1. By motion duly made, seconded and passed with an affirmative vote of all the Council members present, the requirement for reading this ordinance on two separate days was dispensed with. READ, PASSED, and ADOPTED on first reading this day of , 1995. Alternative 2. READ and APPROVED on first reading this the day of U C^ , 1995. READ, APPROVED and ADOPTED on second reading this the cx I -h day of ATTEST: ANNE LAND, City Secretary , 1995. CHARLES CULP!PPER, Mayor City of Round Rock, Texas 4. EXHIBIT A Legal Description 7.58 acres of land out of the David Curry Survey, Abstract 130, being all of Lot 2, Oakmont Centre Section One Revised Cypre55 Semiconductor - DATE: July 25,1995 SUBJECT: City Council Meeting, July 27, 1995 ITEM: 10.A. Consider an ordinance designating 7.58 acres of land out of the David Curry Survey, Abstract 130, and being all of Lot 2, Oakmont Centre Section One Revised, as Reinvestment Zone No. 9. (Cypress Semiconductor) (Second Reading) Staff Resource Person: Joe Vining Staff Recommendation: Approval This is the site of the Cypress Semiconductor plant. This reinvestment zone will facilitate the expansion of the existing clean room area. Terms of the tax abatement agreement are being finalized and staff expects to bring the agreement to Council on August 10, 1995. ECONOMIC IMPACT: None. However, any tax abatement agreement negotiated following the adoption of a reinvestment zone will have an economic impact. This impact will be outlined in detail in the agreement to be presented August 10, 1995.