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<br />h) "Regional Tourist Entertainment Facility" means buildings and structures, including <br />fixed machinery and equipment, used or to be used in providing <br />amusement/entertainment through the admission of the general public where the <br />majority of users reside at least 100 miles from the City and where the majority of <br />users are likely to stay in the City for more than one day and will therefore likely <br />utilize local restaurants and hotel/motel accommodations. <br /> <br />i) "Reinvestment Zone" is an area where the City or County has decided to influence <br />development patterns and attract major investments that will contribute to the <br />development of the area through the use of tax Abatement for specified <br />improvements. <br /> <br />j) "Research Facility" means buildings and structures, including fixed machinery and <br />equipment, used or to be used primarily for research or experimentation to improve <br />or develop new tangible goods or materials or to improve or develop the production <br />processes thereto. <br /> <br />II. DESIGNATION OF A REINVESTMENT ZONE. <br /> <br />The City may designate an area as a Reinvestment Zone in accordance with the criteria and <br />procedural requirements set forth in the Property Redevelopment & Tax Abatement Act, as <br />amended (Chapter 312, Texas Tax Code). <br /> <br />III. TAX ABATEMENT AUTHORIZED. <br /> <br />The City, through its City Council, may agree in writing with the owner and/or lessee of <br />taxable real property that is located in a Reinvestment Zone, but that is not in an <br />improvement project financed by tax increment bonds, to exempt from taxation a portion of <br />the value of the real property, or of tangible personal property located on the real property, <br />or both. The period of the Abatement granted under the Agreement shall not exceed the term <br />authorized by law. Such Agreement will be based on the condition that the owner or lessee <br />of the property make specific improvements or repairs to the property. An Agreement may <br />provide for the exemption of the real property in each year covered by the Agreement only <br />to the extent its value for that year exceeds the Base Year Value. An Agreement may provide <br />for the exemption of tangible personal property located on the real property in each year <br />covered by the Agreement other than tangible personal property that was located on the real <br />property at any time before the period covered by the Agreement. Inventory or supplies <br />cannot be abated as tangible personal property. <br /> <br />-2- <br />