If passed the resolution would allow the city to participate in the Texas Tax Abatement Program.
The Tax Abatement Program is meant to promote development and redevelopment with in the city.
The guidelines expire every two years so the city is just restating it's intent to participate in the program.
Nine guidelines must be met to participate in the program.
(1) The City Council of the City of Wichita Falls shall have the right,
granted under Texas statutes, to approve or disapprove the creation
of any recommended Tax Reinvestment Zone.
(2) The Tax Reinvestment Zone must be reasonably likely to contribute to
the retention or expansion of primary employment or attract major
capital investment that will benefit the City’s economic development.
(3) The Tax Reinvestment Zone authorization granted by the City Council
must meet all criteria established by the authorizing legislation.
(4) The Tax Reinvestment Zone must not require extraordinary capital
improvement financing by the City.
(5) The Tax Reinvestment Zone applicant must have a successful
business operating history of at least one year in the community or
municipal references establishing successful operations.
(6) The Tax Reinvestment Zone applicant must have a secondary impact, through the use of local contractors and service businesses, on the local economy.
(7) The agreement to create Tax Reinvestment Zones will not exceed the maximum period allowed by law of 10 years.
(8) The agreement to create Tax Reinvestment Zones will pro-rate taxes on property improvements not less than 10%, nor more than 100%.
(9) The City Council reserves the right to negotiate any other provisions with an individual business allowed by law.