Res 011-2001 2/20/2001- - 16-
RESOLUTION NO. I - 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 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 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:
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:
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 (10) years.
8. The agreement to create Tax Reinvestment Zones will pro -rate taxes on
property improvements not less than ten (10 %) percent, nor 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. That it is hereby 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 20th day of February 2001.
M YOR
ATTEST:
City Clerk