17-ECONOMIC DEVELOPMENT - AD VALOREM TAX ABATEMENT POLICY

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(3) Limit the uses of the Eligible Property consistent with the general purpose of encouraging development or redevelopment of tbe Reinvestinent Zone or Historic District or Historically Designated Property during the period that property tax exemptions are in effect; (4) Provide for recapturing property tax revenue lost if the owner of the Eligible Property fails to make the improvements or repairs as provided by the Agreement; (5) The terms that were agreed upon with the property owner and require the owner to annually certify coinpliance with the terms of the Agreement; (6) Provide the taxing unit the ability to cancel or modify the Agreement at any time should the owner fail to comply with the tenns of the Agreement. (c) At its option, the Ciry may require the inclusion of the following provisions in an Agreeinent: (1) A inap showing existing and proposed iinprovements and uses in the Reinvestment Zone; or (2) Improvements or repairs by the City and the applicants to streets, sidewalks, utility services or facilities associated with the Eligible Property and the approximate costs thereof, except that the Agreement will not provide for lower charges or rates that are made for other services or properties of a similar character; ar (3) The recapture of all or a portion of property tax revenue lost as a result of the Agreement if the owner of the Eligible Property fails to create or retain all or a portion of the number of new jobs provided by the Agreement. If the appraised value of the Eligible Property subject to the Agreeinent does not obtain a value specified in the Agreement, or if the owner fails to meet any other perfonnance criteria provided by the Agreement, and pa}nnent of a penalry or interest, or both on that recaptured property tax revenue; or (4) The foregoing options do not in any way limit the City from including additional criteria pennissible under § 312.205 of the Texas Tax Code, as it may be amended. (d) If a leased Faciliry is granted abateinent, the Agreement must be executed with the City, the lessor and the lessee. (e) To be effective, an Agreement must be approved by the affirmative vote of a majoriry of the members of the City Council at a regularly scheduled meeting of the city Council. ( fl At any time before its expiration, an Agreement may be modified by the parties to the Agreement to include other provisions that could bave been included in the original agreement or to delete provisions that are not necessary to the original agreement. The modification must be made by the saine procedure by which the original agreement was approved and executed. The original agreement may not be inodified to extend beyond ten years froin the date of the original agreement. (g) An Agreement may be tenninated by the mutual consent of the parties in the same manner that the Agreement was approved and executed. 3 - 63