Res 1995-048 - Laserfiche WebLink

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:Jt{C- POLICY ON TAX ABATEMENT AND OTHER ECONOMIC DEVEWPMENT INCENTIVES FOR THE CITY OF SAN MARCOS, TEXAS Section A. Purpose. The City of San MaJ:'Cos 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 help meet these goals. the City of San MaJ:'Cos will consider providinâ tax abatement and/ or other incentives to stimulate economic development in San MaJ:'COS an its extrateITitorialjurisdiction (ETJ). It is the policy of the City of San MaJ:'Cos that such incentives will be provided to appropriate . businesses in accord with the procedures and criteria outlined in this document. However, nothing in this policy shall imply or suggest, or be construed to imply or suggest, that the City of San MaJ:'Cos is under any obligation to provide any incentive to any applicant; all such applicants for tax abatement and/ or other economic development incentives shall be considered on an individual basis. - Section B. Criteria for Tax Abatement and / or Other Economic Development Incentives. 1. The following criteria must be met for an applicant to be considered eligible to contract for tax abatement and/ or any other economic development incentive: a. The proposed development and/or redevelopment must create and maintain at least 5 jobs, and b. An investment by the applicant of at least $50,000.00 in property improvements is required. . c. The project must meet the :duirements of the City's Master Plan, rolling ordinance, building codes an other applicable City ordinances. 2. In addition to the minimum requirements stated above, the following criteria will be considered in detennining what level of tax abatement and/ or other incentives will be provided to the applicant: a. Expansion of the local tax base. I b. Creation of permanent full time employment opportunities. c. The types and cost of public improvements (eg. s1reets, water, sewer, drainage) and services (eg. fire, police) which will be required of the City. d. The types and value of public improvements which will be made by the applicant. e. Appropriate type of activity (eg. office, retail. etc.). I f. The method or methods which will be available to recapture property tax revenue lost as a result of entering into a tax abatement agreement with the applicant, if the applicant fails to fulflll its responsibilities under the agreement. g. The amount of time necessary to complete the project and create the jobs which are to be provided by the applicant. h. The extent to which the proposed project carries out the goals and objectives of the City's Master Plan. 3. Preference will be given to businesses which use local suppliers, contractors and labor force, and require no new public facilities.