Res 1993-020 - Laserfiche WebLink

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POLICY ON TAX ABATEMENT AND (IFHER ECONOMIC DEVELOPMENT INCENTIVES FOR THE CITY OF SAN MARCOS, TEXAS Section A. Purpose. 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 help meet these goals, the City of San Ma_mos will consider providing tax abatement and/or other incentives to stimulate econornlc development in San Marcos and Its extraterrltorialjurlsdtctlon (Emi'J). It is the policy of the City of San Marcos 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 Mareos Is under any obligation to provide any Incentive to any applicant; all such applicants for tax abatement and/or other econornle development Incentives shall be considered on an Individual basis. Section B. Criteria for Tax Abatement and/or Other Economic Development Lncen~Ives. 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 ts required. e. The project must meet the requirements of the Cltfs Master Plan, zoning ordinance, building codes and other applicable Clty ordinances. 2. In addition to the minimum requirements stated above, the following criteria will be consldered In determining what level of tax abatement and/or other incentives will be provided to the applicant: a. Expansion of the local tax base. b. Creation of permanent full time employment opportunities. e. The types and cost ofpublle Improvements (eg. streets, 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, ret~ ti, etc.). 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, ff the applicant f~ll.q to fulfill 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.