SUBJECT
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An Ordinance of the City Council of the City of Laredo, Texas, ordaining the City’s participation in the Texas enterprise zone program pursuant to the Texas Enterprise Zone Act, Chapter 2303, Texas government code, providing tax incentives, designating a liaison for communication with interested parties, and nominating Killam Development, LTD. Project Ignite to the Office of the Governor Economic Development & Tourism (EDT) through the Economic Development Bank (as an Enterprise Project.
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PREVIOUS COUNCIL ACTION
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BACKGROUND
Local communities must nominate a company as an Enterprise Project to be eligible to participate in the Enterprise Zone Program. Designated projects are eligible to apply for state sales and use tax refunds on qualified expenditures.
COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
recommendation
Approval of this 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:
No financial impact.