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2006-042-RES-Tax Abatement Incentives
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2006-042-RES-Tax Abatement Incentives
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Last modified
8/18/2006 4:26:19 PM
Creation date
3/15/2006 1:20:13 PM
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CITY CLERK
Doc Name
2006-042-RES
Doc Type
Resolution
CITY CLERK - Date
3/13/2006
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<br />D Leased Authorized Facilities. If a leased Authorized Facility is granted abatement, <br />the agreement may be executed with the lessor and/ or lessee, depending upon the particular <br />circumstances of the proposed project. If the agreement is with the lessor, lessor shall <br />demonstrate binding contracts with the lessee to guarantee compliance with the terms of the <br />agreement. <br /> <br />g) Value and Term of Abatement. The City will decide whether to grant tax abatement <br />to an applicant, and the amount, if any, of such abatement, on a case-by-case basis and in <br />accordance with these Criteria and Guidelines. The term of abatement granted under any <br />agreement may not exceed that permitted by applicable state law. The amount of the <br />abatement shall be based upon a percentage (0 to 100%) of all or a portion of the eligible <br />property within the Authorized Facility. Abatement may only be granted for the additional <br />value of eligible property improvements made pursuant to and listed in the agreement between <br />the City and property owner and/ or lessee subject to such limitations as the City may require. <br />If a modernization project includes the replacement of improvements within an Authorized <br />Facility, the value eligible for abatement shall be the value of the new unit(s), less the value of <br />the replaced unit(s). The criteria that will be used in evaluating a particular application for <br />abatement will include, but not be limited to: <br /> <br />1) The dollar amount of the increase in the tax roll for the proposed project; <br /> <br />2) The number of Jobs created or retained by the Employer involved; <br /> <br />3) The possible effect the proposed project will have on attracting other taxable <br />improvements into the City; <br /> <br />4) The nature of the proposed project and its overall effect on the City; <br /> <br />5) The proposed project's effect on the safety, health, and morals of the City's <br />residents; <br /> <br />6) Whether the proposed project will have any substantial long-term adverse <br />effect on the provision of City services or its tax base; <br /> <br />7) Whether the project meets all relevant zoning requirements; <br /> <br />8) Whether the project is consistent with the comprehensive plan of the City or <br />County of Lamar; and <br /> <br />9) The types and cost of public improvements and services (water and sewer <br />main extensions, streets and roads, etc.) required of the City and the types <br />and values of public improvements to be furnished by the applicant. <br /> <br />h) Economic Qualification. In order to be eligible to receive tax abatement, the planned <br />improvements: <br /> <br />1) Must be reasonably expected to increase the appraised value of the Property; <br /> <br />5 <br />
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