Res 031-95 2/21/1995I. A ,
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WICHITA FALLS, TEXAS, DECLARING THE CITY OF WICHITA
FALLS' ELIGIBILITY AND INTENTION TO PARTICIPATE IN
THE TAX ABATEMENT PROGRAM TO PROMOTE
DEVELOPMENT /REDEVELOPMENT; FINDING AND DETERMINING
THAT THE MEETING AT WHICH THIS ORDINANCE WAS
DISCUSSED 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,
the following Guidelines and Criteria for
in all Tax Abatement Programs:
adopts
for use
CITY OF WICHITA FALLS
TAX REINVESTMENT ZONE
GUIDELINES & CRITERIA
Texas, hereby
Tax Abatement
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 business, on the local economy.
7. The agreement to create Tax Reinvestment Zones will
not exceed the maximum period allowed by law of ten years.
8. The agreement to create Tax Reinvestment Zones will
pro -rate taxes on property improvements not less than ten, nor
more than one hundred percent.
9. The City Council reserves the right to negotiate any
other provisions within an individual business allowed by law.
SECTION 3. It is officially 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 21st day of February, 1995.
M A Y O R
ATTEST:
ems% ty Clerk