Res 2002-035 - Laserfiche WebLink

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2. The application will be reviewed by City Manager staff for completeness and accuracy and comments will be received from appropriate departments. Once this information is compiled, the application, review comments and recommendation will be forwarded to the members of the City Council and to other taxing entities which may be involved in offering tax abatement. After the review by the City Council members and other taxing entities, additional information may be requested of the applicant. 3. All requirements of Chapter 312, of the Texas Tax Code, known as the Property Redevelopment and Tax Abatement Act, shall be followed. 4. City finds: Applications for tax abatement and/or any other economic incentive made to the City will be denied if the a. That the application for abatement was filed after the decision to commence modernization, expansion or new facility in the City was formally announced; or b. The commencement of construction, alteration or installation of improvements related to a proposed modernization expansion or new facility on or before the date of adoption of the agreement. Section E. Approval of Tax Abatement and/or other Economic Development Incentives by the City Council. 1. If the City Council determines that it is in the best interest of the City of San Marcos to provide incentives to a particular applicant, a resolution shall be adopted approving the terms and conditions of a tax abatement and/or economic development incentive agreement with the applicant which will enumerate the types of incentives to be provided and the conditions which are applicable to them. 2. Any tax abatement and/or economic incentive contract must include at least the following items: a. A description of each of the types of incentives to be provided and their duration. b. A legal description of the property to be designated as a reinvestment zone in which the agreement will be operative. c. Detailed information regarding the type, number, location and cost of planned improvements. d. A plan which provides access to and inspection of the property and proposed improvements by City inspectors and officials to ensure that the improvements are made according to the requirements and conditions of the agreement. e. A provision limiting the uses of the property consistent with the general purpose of encouraging development or redevelopment ofthe zone during the period that tax abatements and/or other economic development incentives are in effect. f. A method to provide for the recovery of property tax revenues and all waived fees and costs which are lost as a result of the agreement if the applicant fails to perform its obligations under the agreement. Section F. Duration of Guidelines. The guidelines and criteria adopted herein shall be effective from the date they are adopted by the Council and shall remain in effect for two years unless otherwise repealed by a three-fourths vote of the City Council.