Res 1991-007 - Laserfiche WebLink

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POLICY ON TAX ABATEMENT AND OTHER ECONOMIC DEVELOPMENT INCENTIVES FOR THE CITY OF SAN MARCOS, TEXAS EFFECTIVE JANUARY 28, 1991 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 Marcos will consider providing tax abatement and other incentives to stimulate economic development in San Marcos. It is the policy of the City of San Marcos that such incentives will be provided 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 Marcos is under any obligation to provide any incentive to any applicant; all such applicants for tax abatement and other economic development incentives shall be considered on an individual basis. SECTION B. Criteria for Tax Abatement and Other Economic Development Incentives. 1. The following criteria must be met for an applicant to be considered to receive tax abatement or any other economic development incentive: a. The proposed development and/or redevelopment must maintain or create 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 requirements of the City's Master Plan, zoning ordinance, building codes and other applicable City ordinances. 2. In addition to the minimum requirements stated above, the following criteria will be considered in determining what level of tax abatement and other incentives will be provided to the applicant: a. The extent to which the proposed project carries out the goals and objectives of the City's Master Plan. b. The types and cost of public improvements and services which will be required of the City. c. The types and value of public improvements which will be made by the applicant.