Res 2005-059 - Laserfiche WebLink

Home Browse Search

Economic Development Incentives Policy May, 2005 Page 6 Note: An increased taxable value qualifier may be waived as consideration for a pioneering retail development anticipated to spur significant additional investment in a desired location or if development is proposed for an underutilized, obsolete industrial building in the downtown area where redevelopment is expected to stimulate additional development in the surrounding area. 2. In addition, the project must a. Qualify as a target industry according to these policies and procedures; or b. Make a unique or unequaled contribution to development or redevelopment efforts in the City of San Marcos, due to its magnitude, significance to the community or aesthetic quality. 3. In addition, if the project involves new development, it must serve a regional market. B. Additional Considerations Other factors to be considered by the City Council in determining whether to authorize an agreement for sales tax rebates are: 1. The number and types of jobs to be created or retained (full time vs. part time)-describe wage and indicate if insurance benefits are provided. 2. Whether City utilities will be used. 3. Whether the project incorporates high quality architecture and site design, including landscaping and public amenities, beyond the minimum required by the City Code as represented in architectural drawings, site plans and landscaping plans. 4. The financial capacity of the applicant to undertake and complete the proposed project. 5. Whether the applicant has applied or is qualified for other incentive programs. 6. The market conditions and growth potential for the project's business activity. 7. Any other factors the City Council finds helpful and relevant to accomplishing the City's economic development objectives. C. Level of Incentives Incentives established for any project will be provided to the extent that the revenue realized by the City and attributable to the project exceeds a minimum amount established in the Economic Development Agreement to be entered into by the City and the applicant. The public benefit or amount of revenue realized by the City and attributable to the project must equal or exceed the value of any incentives granted under the application. The City will not rebate more than 75% of sales taxes in any year. 4. Location Incentives A. Special Downtown Reinvestment Zone: Provides for tax abatement, on a case-by-case basis, within the Central Business Area downtown. The City has been designated as a Texas Main Street City. The Main Street program has a fa<;ade improvement grant that can be used for such things as signage or new canopies. B. Foreign Trade Zone: Foreign trade zones (FTZs) are sites in or near a U.S. Customs port of entry where foreign and domestic merchandise is generally considered to be in international trade. Goods can be brought into a zone without formal Customs entry or without incurring Customs duties or excise taxes unless and until they are imported into the United States. The purpose of the Zone is the creation of jobs realized from the cost savings from delayed or forgiven tariffs. The City of San Marcos currently has a FTZ located at the San Marcos Municipal Airport.