Res 2007-150 - Laserfiche WebLink

Home Browse Search

I I I e - Economic Development Incentives Policy June 2006 Page 3 . Diversifying the industrial I commercial/ tourism segments of our economy through the effective marketing of available resources and attributes to targeted markets. . Leveraging the assets of the City, including infrastructure, services and funds, with State and Federal programs to promote the retention and expansion of existing business and to attract new business to San Marcos. . Promoting, in conjunction with Texas State University, San Marcos Consolidated Independent School District and the Gary Job Corps, educational opportunities to provide a well-educated workforce to enhance existing job opportunities and enable the creation of additional jobs. . Striving to maintain the quality of life enjoyed by its citizens by protecting its natural beauty and physical environment and by preserving its historic heritage. . Promoting synergistic relationships between its existing businesses and new enterprises in order to enhance the economic value of the private sector and enhance the overall wealth of the community. . Utilizing its unique resources in business partnerships that the City can leverage to minimize risk to our citizens. . Assisting new businesses to ensure that their facilities needs are correctly matched to the appropriate Master Plan and Zoning requirements, transportation access, and available City resources. C. Criteria for Economic Development Incentives 1. Introduction San Marcos is committed to the promotion of quality development in all parts of the City and to improving the quality of life for its citizens In order to meet these goals, the City Council will consider providing property tax abatement, sales tax rebates and other incentives to stimulate economic development in San Marcos and its extraterritorial jurisdiction (ET J). The City will consider providing incentives to appropriate businesses in accordance with the procedures and criteria outlined in this Policy. Prospective businesses are strongly encouraged to discuss potential incentives with City officials and staff members early in the stage of a development, since a project is not eligible for incentives under this Policy if a building or site development permit has been issued for the project before an incentive application is submitted. 2. Eliqibilitv Criteria The following criteria must be met for an applicant to be considered eligible for property tax abatement and any other economic development incentive. Additional criteria for sales tax rebate incentives are listed below under Part D.3 of this Policy: a. The proposed development and/or redevelopment must create and maintain or retain at least 5 jobs, and/or b. An investment by the applicant of at least $50,000.00 in property improvements is required. c. In addition to meeting a or b above, the project must conform to the requirements of the City's Master Plan, Land Development Code and other applicable City ordinances (except to the extent waived or modified in a development incentive agreement in accordance with this Policy) 3. Evaluation Criteria The following criteria will be considered in determining what level of incentives will be provided to the applicant. Preference will be given to businesses that use local suppliers, contractors and labor force, and require no new public improvements. a. Expansion of the local tax base I I I