Res 1995-048 - Laserfiche WebLink

Home Browse Search

3c.{E g. A chart showing the improvements andjobs created for each year for which an econonllc incentive is requested. . h. The applicant shall provide any other Information about the proposed project which may be required by the City. 2. The application will be reviewed by City Manager staff for completeness and accuracy and comments will be received from appropriate departInents. Once this lnfonnation is compiled, the application, review comments and recommendation will be forwarded to the members of the C~ Council and to other taxin& entities which may be involved in offering tax abatement. After e review by the City Counc members and other taxing entities, additional Infonnation 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. Applications for tax abatement and/ or any other econonllc incentive made to the City will be denied if the City finds: a. That the application for abatement was filed after the commencement of construction, alteration or installation of improvements related to a proposed modernization expansion or new facility; or b. That a decision to commence modemlzation, expansion or new facility in the City was fonnally announced 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 tenns and conditions of a tax abatement and/ or econonllc 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. Detalled Infonnation 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 condi tions of the agreement. e. A provision limiting the uses of the property consistent with the general purpose of encouraging development or redevelopment of the zone during the period that tax abatements and/or other econonllc 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.