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<br />ORDINANCE NO. 07-T-22 <br /> <br />BY THE CITY COUNCIL OF THE CITY OF SCHERTZ, TEXAS, <br />AMMENDING CITY OF SCHERTZ ORDINANCE NO. 03-T-19; <br />APPROVING A TAX ABATEMENT AND A TAX ABATEMENT <br />AGREEMENT BY THE CITY COUNCIL FOR AND WITH E.M. LIMITED <br />PARTNERSHIP, A PROPERTY OWNER IN THE CITY OF SCHERTZ. <br /> <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 /> <br />WHEREAS, the City Council amends City of Schertz Ordinance No. 03-T-19 <br />authorizing a tax abatement agreement with E.M. Limited Partnership, <br /> <br />WHEREAS, L.O. Apartments LTD., Inc., has changed their name/ownership to <br />E.M. Limited Partnership; and <br /> <br />WHEREAS, the City Council finds that the application for abatement of ad <br />valorem taxes by E.M. Limited Partnership meets those Guidelines and Criteria, and <br />further finds the terms of the tax abatement agreement listed at Exhibit 1 are <br />acceptable; and <br /> <br />WHEREAS, the property owned by E.M. Limited Partnership described as <br />approximately 12-acres of a 37.191-acre tract in Vol. 1284, pg. 525, Guadalupe <br />County, Texas out of the original 40.982-acre tract in Vol. 873, pg. 734, Guadalupe <br />County, Texas. All of 19.588 acres being in the Toribo Herrera Survey 68, Abstract <br />No. 153 in the City of Schertz, Guadalupe County, Texas; and, <br /> <br />WHEREAS, the terms of the tax abatement 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 /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ, TEXAS: <br /> <br />THAT, the request for abatement of ad valorem taxes by E.M. Limited <br />Partnership, is approved. The approved rate is 33.8% for 10 years. Taxes shall be <br />abated on capital improvements only. <br /> <br />THAT, the City Manager is authorized to enter into an agreement, shown as <br />Exhibit 1, with E.M. Limited Partnership. <br />