Res 150-2023 Tax Abatement Program Guidelines and Criteria 12/05/2023 Resolution No. 150-2023
Resolution reauthorizing the City of Wichita Falls' participation in the
Texas Tax Abatement Program to promote development and
redevelopment and renew guidelines and criteria for tax abatement in
the City of Wichita Falls
WHEREAS, the City Council of the City of Wichita Falls, Texas, desires to promote
the development/redevelopment of certain contiguous geographic areas within its
jurisdiction; and,
WHEREAS, the City of Wichita Falls, Texas, is authorized to enter into Tax
Abatement Agreements for commercial-industrial or residential purposes, as authorized
by Chapter 312 of the Texas Tax Code; and,
WHEREAS, the Texas Tax Code requires the City of Wichita Falls, Texas, to
establish guidelines and create criteria for the designation of reinvestment zones, and to
enter into Tax Abatement Agreements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1 . The City of Wichita Falls, Texas, declares it is eligible for and intends to
reauthorize participation in a Tax Abatement Program.
2. The City of Wichita Falls, Texas, hereby renews the following Guidelines
and Criteria for Tax Abatement for use in the City's Tax Abatement Programs:
(1) The City Council of the City of Wichita Falls shall have the right,
granted under Texas statutes, to approve or disapprove the creation
of any recommended Tax Reinvestment Zone.
(2) The Tax Reinvestment Zone must be reasonably likely to contribute
to the retention or expansion of primary employment or attract
significant capital investment that will benefit the City's economic
development.
(3) The Tax Reinvestment Zone authorization granted by the City
Council must meet all criteria established by the authorizing
legislation.
(4) The Tax Reinvestment Zone must not require extraordinary capital
improvement financing by the City.
(5) The Tax Reinvestment Zone applicant must have a successful
business operating history of at least one year in the community or
municipal references establishing successful operations.
(6) The Tax Reinvestment Zone applicant must have a secondary
impact on the local economy through the use of local contractors and
service businesses.
(7) The agreement to create Tax Reinvestment Zones will not exceed
the maximum period allowed by law of 10 years.
(8) The agreement to create Tax Reinvestment Zones will pro-rate taxes
on property improvements not less than 10%, nor more than 100%.
(9) The City Council reserves the right to negotiate any other provisions
with an individual business allowed by law.
PASSED AND APPROVED this the 5th day of December, 2023.
}A_____I/
MAYOR
ATTEST:
C-
-ity Clerk