SUBJECT
title
Public Hearing and Introductory Ordinance designating the City Limits and 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.
body
PREVIOUS COUNCIL ACTION
On November 18, 2019, City Council approved Ordinance 2019-O-194, designating the Tax Abatement Reinvestment Zone for a period of five years. A Public Hearing was held on November 4, 2019.
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.
end
Fiscal Impact
Fiscal Year: Click or tap here to enter text.
Budgeted Y/N?: Click or tap here to enter text.
Source of Funds: Click or tap here to enter text.
Account #: Click or tap here to enter text.
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.