Res 1995-121 - Laserfiche WebLink

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1(; Z (4 The City may enter into tax abatement agreements to encourage e!:onomic development Under the agr~ents, a property owner agrees to construct certain improvements on its property, the City in twu agrees not to levy a tax on all or part of the increased value attributable to the improvements until the expiration of the agreement The abatement agreement could last for a period of up to 10 years. The City has adopted criteria for granting tax abatements which establish guidelines regarding the number of jobs to be created and the amount of new value to be added by the ta.'q)ayer in return for the abatement The City has entered into several such abatement agreements in recent years. Valuation., Exemptions and Debt Obligations 1994/95 Market Valuation Established by Hays County Appraisal District 5 798,833,828 Less ExemptionsIReductions at 100% Market Value: - - Exempt Values 30,335,790 I Agricultural 5,681,680 , Over 65 10,326,230 Veterans 202.500 46.546.200 1994/95 Taxable Assessed Valuation S 752,287,628 City Funded Debt Payable From Ad Valorem Taxes (as of 5-31-95P): General Obligation Bonds 515,435,000 Combination Tax and Revenue Certificates of Obligation (Surplus Waterworks and Sewer System Revenues) 3,590,000 Combination Ta.x and Revenue Certificates of Obligation (Airport System Revenues) 40,000 The General Obligation Refunding Bonds 11.240.000. General Purpose Funded Debt Payable From Ad Valorem Taxes 5 30,305,000 Less Self-Supporting Debt: Waterworks and Sewer System General Obligation Debt S 4,9.35,000 Airport System General Obligation Debt 40.000 4.975.000(2) Net Funded Debt Payable From Ad Valorem Taxes S 25,330,000 Interest and Sinking Fund as of (5-31-95) 5 1,904,460 Ratio Funded Debt to Ta.xable Assessed Valuation ......................................................................................................... 4.03% Ratio Net Funded to Ta.xable Assessed Valuation .................................................................................................,......... 3.3-7% 1995 Estimated Population - 37,928 Per Capita Taxable Assessed Valuation - 519,834.62 Per Capita Net Funded Debt - 5667.84 Per General Purpose Capita Funded Debt - 5799.01 (1) Includes the General Obligation Refunding Bonds, excludes the General Obligation Refunded Bonds. (2) Preliminary, subje!:t to change.