Res 094-90 5/15/1990h
RESOLUTION NO.
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 RESOLUTION IS PASSED IS 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. That the City of Wichita Falls, Texas, declares
it is eligible for and intends to participate in a Tax Abatement
Program.
SECTION 2. That the City of Wichita Falls, Texas hereby
adopts the following Guidelines and Criteria for Tax Abatement
for use in all Tax Abatement Programs:
CITY OF WICHITA FALLS
TAX REINVESTMENT ZONE
GUIDELINES & CRITERIA
1. The City of Wichita Falls City Council 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.
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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 . That it is hereby officially found and
determined that the meeting at which this resolution is passed is
open to the public as required by law and that public notice of
the time, place, and purpose of said meeting was given as
required.
PASSED AND APPROVED this /5 day of d 1990.
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ATTEST:
City lerk