Res 044-97 3/18/19970
RESOLUTION NO. -4q--6iq
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WICHITA FALLS, TEXAS; DECLARING THE CITY OF WICHITA
FALLS' ELIGIBLITY AND INTENTION TO PARTICIPATE
IN THE TEXAS TAX ABATEMENT PROGRAM TO
PROMOTE DEVELOPMENT/REDEVELOPMENT; FINDING AND
DETERMINING THAT THE MEETING AT WHICH THIS
RESOLUTION WAS PASSED WAS OPEN TO THE PUBLIC AS
REQUIRED BY LAW.
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 Property Tax Code; and,
WHEREAS, the Code requires the City of Wichita Falls, Texas, to establish
guidelines and create criteria for the designation for reinvestment zones and the
entering into Tax Abatement Agreements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. The City of Wichita Falls, Texas, declares it is eligible for
and intends to participate in a Tax Abatement Program.
SECTION 2. The City of Wichita Falls, Texas, hereby adopts the
following Guidelines and Criteria for Tax Abatement for use in all 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.
I
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.
G. The Tax Reinvestment Zone applicant must have a secondary impact,
through the use of local contractors and service business, on the local economy.
7. The agreement to create Tax Reinvestment Zones will not exceed the
maximum period allowed by law of ten (10) years.
8. The agreement to create Tax Reinvestment Zones will pro-rate taxes
on property improvements not less than ten (10), not more than one hundred
(100%) percent.
9. The City Council reserves the right to negotiate any other provisions
with an individual business allowed by law.
SECTION 3. It is hereby found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 18th day of March, 1997.
ATTEST:
a W
City Clerk
M' A Y / 0 i R