Res 058-2025 Texas Tax Abatement Program for Heart of The Falls Neighborhood Revitalization Area 05/20/2025
Resolution No. 58-2025
Consider a resolution declaring the City of Wichita Falls' eligibility and
intention to participate in the Texas Tax Abatement Program to
promote development and redevelopment, and adopt guidelines and
criteria for tax abatement in the Heart of the Falls Neighborhood
Revitalization Area
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 known as Heart of the Falls Neighborhood Revitalization Area; and,
WHEREAS, the City of Wichita Falls, Texas, is authorized to enter into Tax
Abatement Agreements for commercial 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
participate in a Tax Abatement Program.
2. The City of Wichita Falls, Texas, hereby establishes the following
Guidelines and Criteria for Tax Abatement for use in the City's Heart of the Falls
Neighborhood Revitalization Area 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, or develop, redevelop a structure(s)
that will benefit the City's economic and social wellbeing.
(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 secondary
impact on the local economy through the use of local contractors and
service businesses.
(6)The agreement to create Tax Reinvestment Zones will not exceed
the maximum period allowed by law, of 10 years.
(7)The agreement to create Tax Reinvestment Zones will prorate taxes
on property improvements not less than 10%, nor more than 100%.
(8)The City Council reserves the right to negotiate any other provisions
with an individual allowed by law.
PASSED AND APPROVED this the 20thday ofMay2025.
______________________________
M A Y O R
ATTEST:
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City Clerk
EXHIBIT A
Heart of the Falls Neighborhood Revitalization Boundaries Map