Laserfiche WebLink
TO: City Council <br />Grayson Path, City Manager <br />FROM: Stephanie H. Harris, City Attorney <br />SUBJECT: Re -adoption of Industrial Tax Abatement Policy <br />DATE: January 8, 2024 <br />Item No. 11 <br />BACKGROUND: Municipalities that offer ad valorem tax abatements are required to adopt and <br />maintain a tax abatement policy. These may be very broad, or very specific and detailed like the <br />one used in Paris. Pursuant to Chapter 312 of the Texas Tax Code, such policies must be readopted <br />every two years. <br />STATUS OF ISSUE: The current policy was approved in January 2022 for a period of two years, <br />so Council needs to re -adopted it in order to be able to continue to participate in a tax abatement <br />program. A change in the law since 2018 requires that council conduct a public hearing prior to <br />re -adoption. <br />BUDGET: NA <br />RECOMMENDATION: Conduct a public hearing and adopt a resolution re -adopting existing <br />guidelines, attached hereto. <br />