Res 010-2014 1/21/2014
RESOLUTION NO. 10-2014
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 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;
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
the entering into of 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 adopts 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 major
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,
through the use of local contractors and service businesses, on the
local economy.
(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 21st day of January, 2014.
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M A Y O R
ATTEST:
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City Clerk