07-B Tax Abatement Guidelines - Laserfiche WebLink

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property and/ or tangible personal property not located on the real property at any time before the abatement agreement becomes effective. f) Leased Authorized Facilities. If a leased Authorized Facility is granted abatement, the agreement may be executed with the lessor and/ or lessee, depending upon the particular circumstances of the proposed project. If the agreement is with the lessor, lessor shall demonstrate binding contracts with the lessee to guarantee compliance with the terms of the agreement. g) Value and Term of Abatement. The City will decide whether to grant tax abatement to an applicant, and the amount, if any, of such abatement, on a case-by-case basis and in accordance with these Criteria and Guidelines. The term of abatement granted under any agreement may not exceed that permitted by applicable state law. The amount of the abatement shall be based upon a percentage (0 to 100%) of all or a portion of the eligible property within the Authorized Facility. Abatement may only be granted for the additional value of eligible property improvements made pursuant to and listed in the agreement between the City and property owner and/ or lessee subject to such limitations as the City may require. If a modernization project includes the replacement of improvements within an Authorized Facility, the value eligible for abatement shall be the value of the new unit(s), less the value of the replaced unit(s). The criteria that will be used in evaluating a particular application for abatement will include, but not be limited to: 1) The dollar amount of the increase in the tax roll for the proposed project; 2) The number of Jobs created or retained by the Employer involved; 3) The possible effect the proposed project will have on attracting other taxable improvements into the City; 4) The nature of the proposed project and its overall effect on the City; 5) The proposed project's effect on the safety, health, and morals of the City's residents; 6) Whether the proposed project will have any substantial long-term adverse effect on the provision of City services or its tax base; 7) Whether the project meets all relevant zoning requirements; 8) Whether the project is consistent with the comprehensive plan of the City or County of Lamar; and 9) The types and cost of public improvements and services (water and sewer main extensions, streets and roads, etc.) required of the City and the types and values of public improvements to be furnished by the applicant. 5 ~--- -T