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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 11/8/2021 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | Resolution to approve the reauthorization of the Tax Abatement Statement Policy. | | RECOMMENDED ACTION: | Adoption of Resolutions |
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| | | | | | | | ITEM SUMMARY To approve the Policy Statement for Tax Abatement of the City of Plano thereby establishing criteria for evaluating incentive applications; establishing procedural guidelines and criteria governing tax abatement agreements; and providing an effective date. Tabled to the December 7, 2021 City Council meeting
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| | | | | | | | PREVIOUS ACTION/PRESENTATION The existing tax abatement guidelines and criteria were adopted on November 14, 2011 and amended on January 23, 2012, January 13, 2014, December 14, 2015, December 11, 2017 and November 25, 2019. |
| | | | | | | | BACKGROUND This is to approve the Policy Statement for Tax Abatement. The Tax Abatement Policy must be approved every two years in accordance with Chapter 312 of the Texas Tax Code. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Renewing the Tax Abatement authorization will support the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.
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