Res 2004-183 - Laserfiche WebLink

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I I I Economic Development Incentives Policy October, 2004 Page 3 In order to attract and grow businesses, the City of San Marcos has developed economic strategies to benefit and unite its citizens behind common economic development goals The strategy includes . Diversifying the industrial/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 the applicant to ensure that its facilities needs are correctly matched to the appropriate Master Plan and Zoning requirements, transportation access, and available city resources Criteria for Economic Development Incentives The City of 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 San Marcos City Council will consider providing property tax abatement, sales tax rebates and/or other incentives to stim ulate economic development in San Marcos and its extraterritorial jurisdiction (ET J) It is the policy of the City of San Marcos that such incentives will be provided to appropriate businesses in accordance with the procedures and criteria outlined in this document. Incentives should be discussed and applied for early in the stage of a development, since a project is not eligible for incentives under these policies and procedures if a building or site development permit has been issued for the project prior to making application in accordance with these policies and procedures. .!=IiQibility Criteria The following criteria must be met for an applicant to be considered eligible to contract for property tax abatement and/or any other economic development incentive Additional criteria for sales tax rebate incentives are listed below under Description of Incentives 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, and, c. The project must conform to the requirements of the City's Master Plan, zoning ordinance, building codes and other applicable City ordinances.