|
<br />Economic Development Incentives Policy-June 2007
<br />
<br />Page 6
<br />
<br />
<br />5% $250,000 $1,000,000 0-2
<br />10% $300,000 $1,250,000 2-3
<br />15% $350,000 $1,500,000 3-4
<br />20% $425,000 $1,750,000 4-5
<br />25% $550,000 $2,000,000 5-10
<br />30% $650,000 $2,500,000 11-20
<br />35% $775,000 $3,000,000 21-30
<br />40% $925,000 $3,600,000 31-40
<br />45% $1,000,000 $4,250,000 41-50
<br />50% $1,250,000 $5,000,000 51-60
<br />55% $1,500,000 $6,000,000 61-65
<br />60% $1,750,000 $7,250,000 66-70
<br />65% $2,000,000 $8,600,000 71-80
<br />70% $2,500,000 $10,350,000 81-90
<br />75% $3,000,000 $12,250,000 91-95
<br />80% $3,600,000 $14,750,000 96-100
<br />85% $4,250,000 $17,750,000 101-110
<br />90% $5,000,000 $21,300,000 111-120
<br />95% $6,000,000 $25,000,000 121-130
<br />100% > $6,000,000 > $25,000,000 > 130
<br />
<br />Additional Considerations
<br />If upon initial application a project qualifies for a tax phase-in under the guidelines set forth in this
<br />policy, the City Council may consider granting an additional 5% abatement for each one of the
<br />following factors provided, however, the total tax phase-in will not exceed 100% annually or
<br />continue for a period of more than ten (10) years. No applicant may receive credit for more than
<br />five (5) of the following factors:
<br />. The project will occupy a building that has been vacant for at least two (2) years.
<br />. The project will create high-skilled, high-paying jobs as documented by the applicant.
<br />. The project will involve a significant relationship with Texas State University-San Marcos.
<br />. At least 25% of the new jobs created by the project will be filled by San Marcos residents.
<br />. The project will donate significant materials/equipment to either the San Marcos
<br />Consolidated Independent School District or the Hays Consolidated Independent School
<br />District.
<br />. The project will create improvements in the San Marcos Downtown Master Plan area.
<br />. The project is an international or national headquarters facility.
<br />. The project wages are above the $17 per hour base rate at the straight time rate wage or
<br />the $36,000 annual salary wage.
<br />. The applicant provides health and/or other benefits to their workforce.
<br />. The project significantly uses local contractors and suppliers both during construction and
<br />in its business operation.
<br />. The business is a certified Small, Minority, orWoman owned business.
<br />
<br />G. Public Improvement District (PID): PIDs allow a City to levy and collect special assessments on
<br />property within the City or its Extraterritorial Jurisdiction (ET J). A PID may be formed to provide services
<br />such as health and sanitation, water and wastewater, mass transit, public safety or security services, etc.
<br />
<br />H. Sales Tax Rebate Incentives
<br />Eligibility Criteria
<br />In addition to the eligibility criteria for incentives listed above, a project for which sales tax rebates
<br />are requested must meet the following minimum requirements:
<br />1. The project must either:
<br />. Result in a minimum increased taxable value for the City of $25,000,000 in real and
<br />business personal property (excluding inventory and supplies); or
<br />. Result in a minimum increased taxable value for the City of $250,000 in real and business
<br />personal property (excluding inventory and supplies) in the Downtown Zoning District; or
<br />. Result in a minimum increased taxable value for the City of $15,000,000 in real and
<br />business personal property (excluding inventory and supplies) for the redevelopment -but
<br />not relocation-of existing businesses; or
<br />
|