07-C Tax Abatement Guidelines - Laserfiche WebLink

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2) the additional value of eligible property above the Base Year Value shall be taxable in the manner described in the Agreement. The ChiefAppraiser ofthe City shall annually determine an assessment ofthe real and personal property comprising the Reinvestment Zone. Each year, the company or individual receiving Abatement pursuant to an Agreement shall furnish the assessor with such information as may be necessary to determine the amount of any Abatement. Once such value has been established, the Chief Appraiser shall notify the affected jurisdictions which levy taxes on such property. IV. APPLICATION. a) Eligibility. Any present or potential owner of taxable property in the City may request tax Abatement by filing a written request with the City Manager. b) Form. The application shall consist of a completed application form accompanied by (i) general description of the improvements to be undertaken together with the projected new value to the property and the type of business operation proposed; (ii) descriptive list of the improvements for which an Abatement is requested; (iu) list of the kind, number, and location of all proposed improvements of the property, (iv) the number and type of jobs created, including information pertaining to anticipated job transfers; (v) metes and bounds description and plat of the proposed Reinvestment Zone that shows all roadways within 200 feet of the site and all existing zoning and land uses within 200 feet of the site; (vi) time schedule for undertaking and completing the proposed improvements; (vii) the type and value of any economic development incentives requested; and, (viu) any other information about the proposed project as may be required by the City or as deemed desirable. c) Review. Once the Application has been received, the information submitted will be reviewed by the City Manager for completeness and accuracy. The City Manager will then distribute the Application to the appropriate department heads for internal review and comments. Following staffreview, copies of the complete Application package and staff comments will be provided to the City Council and to other taxing entities that may be willing to participate in offering tax abatement incentives. Generally, the City Council, staff, and other taxing entities will discuss the proposed Application at a work session prior to its formal consideration by the City Council. Following the work session, the City Manager may be requested to obtain other information prior to further consideration of the Application. At a subsequent regular City Council meeting, the Application for any tax Abatement incentive may be considered. Prior to final approval, all legal documents to effect such Reinvestment Zone(s) and tax Abatement Agreement(s) shall be drafted and approved by the City Attorney. -7-