The city will, on a case-by-case basis, consider providing tax abatement as a stimulus for economic development. It is the policy of the city that said consideration will be provided in accordance with the procedures and criteria outlined in this document. According to the Property Redevelopment and Tax Abatement Act, V.T.C.A. Tax Code, Ch. 312, the city may grant a tax abatement for either a new facility, or an expansion or modernization of an existing one. Only commercial, or industrial projects are eligible under the city's tax abatement program; oil and gas development are not. Tax abatements shall only be available on the increment in value added to a particular property by a specific development proposal which meets the economic goals and objectives of the city.
The tax abatement shall not apply to any portion of the inventory or land value of the project. Tax abatement may be offered on improvements to real property owned by the applicant and/or on eligible new personal property brought to the site by the applicant. Projects which are developed involving leased real or personal property shall be governed under special terms and conditions which may be set forth in the agreement governing each specific tax abatement. Nothing herein shall imply or suggest that the city is under any obligation to provide tax abatement to any applicant. All applicants shall be considered on a case-by-case basis.
Tax abatements do not reduce existing local property taxes and do not cause a loss of revenue. Instead, they offer a temporary limit on future taxes for a facility not yet built or for expansion of an existing facility which meets the criteria of this policy.
(Ordinance 2022-21, § 2(Exh. A), adopted 5/4/2022)