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ORDINANCE NO. O7-T-ZS <br />BY THE CITY COUNCIL OF THE CITY OF SCHERTZ, TEXAS, <br />APPROVING A TAX PHASE-IN AND TAX PHASE-IN AGREEMENT BY <br />THE CITY COUNCIL FOR AND WITH CORRIDOR HOTEL II, LTD., A <br />PROPERTY OWNER IN THE CITY OF SCHERTZ. <br />WHEREAS, Section 312 of the Texas Property Tax Code allows municipalities <br />to abate ad valorem taxes under specific Guidelines and Criteria, and the City of <br />Schertz has adopted specific Guidelines and Criteria under these provisions; and <br />WHEREAS, the City Council finds that the application for tax phase-in of ad <br />valorem taxes by Corridor Hotel II, Ltd. meets those Guidelines and Criteria, and <br />further finds the terms of the Tax Phase-In Agreement listed at Exhibit 1 are <br />acceptable; and <br />WHEREAS, the property owned by Corridor Hotel II, Ltd., described as a 4.313, <br />acre tract of land on Corridor Loop Road adjacent to Hampton Inn & Suites, located in <br />the City of Schertz, Guadalupe County, Texas; and, <br />WHEREAS, the terms of the Tax Phase-In Agreement will cause no substantial <br />long term adverse effect on the provision of the City's services or tax base, and the <br />planned use of the property will not constitute a hazard to public safety, health or <br />morals; NOW THEREFORE <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ, TEXAS: <br />THAT, the request for tax phase-in of ad valorem taxes by Corridor Hotel II, Ltd., <br />is approved. The approved rate is 79 percent for 10 years. Taxes shall be abated on <br />capital improvements only. <br />THAT, the City Manager is authorized to enter into an agreement, shown as <br />Exhibit 1, with Corridor Hotel, Ltd. <br />Approved on first reading the ~ day of ~u-n1~ , 2007. <br />PASSED, APPROVED AND ADOPTED this the /day of ~uA1~ , 2007. <br />Hal Balclilvin, Mayor <br />ATTEST: <br />C.EGtJ _ <br />J dy kar, City Secretary <br />