SUBJECT
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An Ordinance of the City of Laredo, Texas, designating the City Limits and Extraterritorial Jurisdiction, ETJ (five miles outside city limits) as the Tax Abatement Reinvestment Zone for commercial/industrial tax abatements; establishing the boundaries thereof and other matters relating thereto; declaring findings of fact; providing for severability; and providing for an effective date of December 1, 2024.
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PREVIOUS COUNCIL ACTION
On November 4, 2024, a public hearing was held and an ordinance was introduced designating the City Limits and Extraterritorial Jurisdiction, ETJ (five miles outside city limits) as the Tax Abatement Reinvestment Zone for commercial/industrial tax abatement.
BACKGROUND
On June 1, 1998, Resolution No. 98-R-083 stating that this City elects to become eligible to participate in tax abatement and dealing with related matters was passed by the City Council and approved by the Mayor. Since then, City Council has been designating Tax Abatement Reinvestment Zones and adopting Guidelines & Criteria Governing Tax Abatements in accordance with Section 312.203 of the Texas Property Tax Code. This code requires the renewal of a reinvestment zone every five years.
COMMITTEE RECOMMENDATION
Not Applicable.
STAFF RECOMMENDATION
recommendation
Approval of Ordinance.
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Fiscal Impact
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Change Order: Exceeds 25% Y/N: Click or tap here to enter text.
FINANCIAL IMPACT:
Less tax revenue if City Council approves Tax Abatement Agreements.