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<br />I <br /> <br />I <br /> <br />I <br /> <br />Economic Development Incentives Policy <br />February, 2005 <br /> <br />Page 6 <br /> <br />b 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 /> <br />C. Result in a minimum increased taxable value for the City of $15,000,000 in real and business <br />personal property (excluding inventory and supplies) for the redevelopment -but not <br />relocation-of existing businesses, or <br /> <br />d Will result in a 3% minimum sales tax increase to the City over the most recently completed <br />fiscal year <br /> <br />Note. An increased taxable value qualifier may be waived as consideration for a pioneering retail <br />development anticipated to spur significant additional investment in a desired location or if <br />development is proposed for an underutilized, obsolete industrial building in the downtown area <br />where redevelopment is expected to stimulate additional development in the surrounding area. <br /> <br />2. In addition, the project must <br /> <br />a. Qualify as a target industry according to these policies and procedures; or <br /> <br />b Make a unique or unequaled contribution to development or redevelopment efforts in the City <br />of San Marcos, due to its magnitude, significance to the community or aesthetic quality <br /> <br />3 In addition, if the project involves new development, it must serve a regional market. <br /> <br />Additional Considerations <br />Additional factors to be considered by the City Council in determining whether to authorize an agreement <br />for sales tax rebates are. <br /> <br />The number and types of jobs to be created or retained (full time vs. part time)-describe wage <br />and indicate if insurance benefits are provided <br /> <br />2. Whether City utilities will be used. <br /> <br />3 Whether the project incorporates high quality architecture and site design, including landscaping <br />and public amenities, beyond the minimum required by the City Code as represented in <br />architectural drawings, site plans and landscaping plans <br /> <br />4 The financial capacity of the applicant to undertake and complete the proposed project. <br /> <br />5 Whether the applicant has applied or is qualified for other incentive programs. <br /> <br />6 The market conditions and growth potential for the project's business activity <br /> <br />7 Any other factors the City Council finds helpful and relevant to accomplishing the City's economic <br />development objectives. <br /> <br />Level of Incentives <br />Incentives established for any project will be provided to the extent that the revenue realized by the City <br />and attributable to the project exceeds a minimum amount established in the Economic Development <br />Agreement to be entered into by the City and the applicant. The public benefit or amount of revenue <br />realized by the City and attributable to the project must equal or exceed the value of any incentives <br />granted under the application The City will not rebate more than 75% of sales taxes in any year <br /> <br />Location Incentives <br />Special Downtown Reinvestment Zone Provides for tax abatement, on a case-by-case basis, within <br />the Central Business Area downtown The City has been designated as a Texas Main Street City The <br />