Res 2013-006/Adopting policy that establishes guidelines and criteria governing tax abatement agreements

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6. Eligible property. Tax abatement agreements may exempt from taxation a portion of the value of the real property and/or of tangible personal property located on the real property, or other property, as provided by V.T.C.A., Tax Code Ch. 312. 7. Leasing facilities. If a leased facility is granted abatement by virtue of the specific business activities of the lessee of property, both the lessor and lessee shall sign the tax abatement agreement Whether a tax abatement is awarded to the owner of leased property to enable the owner to attract a specific identified tenant or speculative types of tenants, the owner must provide copies of lease agreements and other documentation. satisfactory to the City demonstrating that the tax abatement savings will be passed to the tenant or tenants at levels acceptable to the City. 8. Value and term of abatement. Abatement shall be granted effective January 1 of the year following the date of execution of the tax abatement agreement. The percentage of the increase abated shall be specified in each tax abatement agreement; however, no tax abatement agreement shall exceed ten years Section C. Definitions. The following words, terms and phrases, when used in this section, shall have the meaning ascribed to them in this subsection, except where the context clearly indicated a different meaning: 1. Intangible(s) means that a business will provide indirect but important benefits to the City, such as name recognition, tourism promotion, etc. 2. Primary job means a job that is available within the City of San Marcos at a company for which a majority of the products or services of that company are ultimately exported to regional, statewide, national or international markets infusing new dollars into the local economy. 3. Synergy or Synergism means that a business will have a mutually advantageous compatibility with other businesses in the City. Section D. Application Procedures. 1. Any person or business organization seeking a tax abatement from the City of San Marcos shall file an application on a form prescribed by the City. The application must be filed with the City's designated agent or official for receiving tax abatement applications. The application shall include or be accompanied y: a. a plat showing the precise location of the property, all roadways within 200 feet of the site, and all existing zoning and land uses of the site; b. a complete legal description of the property;