2020-001 - Authorizing Tax Abatement Agreement and Approving Guidelines and Criteria for Granting Tax Abatements

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(Readopted 01-13-2020) POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT 9. An additional 20% abatement for new job creation is available based on the following requirements: a. A project that creates a minimum of 10 new jobs. b. The new job wages are equal to or greater than the current County average wage for all private sector jobs excluding retail trade and accommodation and food services ($41,158 annually for 2013. Source: Texas Workforce Commission via tarry, i+xa41_, i 2. or i,. (Note: This represents 547 companies, 10,470 jobs and 56% of all private sector employment in Lamar County.) c. The taxing jurisdictions and the company must agree to include measuring, tracking and annual reporting of the net job increases (existing jobs plus new jobs) for the entire term of the abatement agreement. For Net New Jobsew Job Creation and Retention of Existing xistin Jobs) Net New JobsYear 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 1. 10 new jobs mmi mum ...................... *20% 20% 20% 20% 20% 20% 20% 2. New job wages = or > average annual wages for private sector jobs in Lamar County. (Excluding retail, accommodations, food service. See Item 9.b. above.) 3. Agree to maintain existing base and new jobs during the entire term of agreement. 4. *Year 1 cannot exceed 100%. VI. Tax Abatement for Existing Employers Regarding Real or Personal Property. The Taxing Jurisdictions recognize the value of its existing employers to the well-being of the City and County. The Taxing Jurisdictions desire to encourage existing employers to remain in the Taxing Jurisdictions and to improve their respective businesses and industries, as well as their profitability. Accordingly, if an existing employer (as opposed to a newly created business or industry moving into the Taxing Jurisdictions), owns or leases an authorized facility and has plans to improve such property by constructing new improvements on its real property and/or adding new personal property to its authorized facility which qualify for tax abatement under these Policies, Criteria and Guidelines, such employer may be eligible for tax abatement with respect to such improvements to its real property or its new personal property under the provisions of Article V above, even if no new jobs or newly created minimum annual payroll are created. In projects involving existing employers, the criteria for tax abatements for improvements to real property and for new personal property at authorized facilities set forth in Article V above shall be