Res 009-2016 1/19/2016Resolution No. 09-2016
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 are as within
its jurisdiction; and,
WHEREAS, the City of Wichita Falls, Texas, is authorized to e nter into Tax
Abatement Agreements for commercial-industrial or residential purposes, as
authorized by Chapter 312 of the Texas Tax Co de; 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
to enter into 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 W ichita 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 primar y 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 19th day of January, 2016.
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M A Y O R
ATTEST:
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City Clerk