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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | MEETING DATE: | 11/27/2023 | DEPARTMENT: | Eco Dev | DIRECTOR: | Doug McDonald, Director of Economic Development | AGENDA ITEM: | Public Hearing to request the approval and reauthorization of a resolution for the City of Plano Policy Statement for Tax Abatement. | RECOMMENDED ACTION: | Items for Individual Consideration |
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| | | | | | | | ITEM SUMMARY Public Hearing and consideration of a Resolution to approve and reauthorize the City of Plano Policy Statement for Tax Abatement thereby establishing criteria for evaluating tax abatement incentive applications; establishing procedural guidelines and criteria governing tax abatement agreements; and providing an effective date. Conducted and adopted Resolution No. 2023-11-7(R) |
| | | | | | | | PREVIOUS ACTION/PRESENTATION The City first adopted the Policy Statement for Tax Abatement on November 14, 2011. This policy was amended and reauthorized on January 23, 2012, January 13, 2014, December 14, 2015, December 11, 2017, November 25, 2019 and December 7, 2021. |
| | | | | | | | BACKGROUND Chapter 312 of the Texas Local Government Code enables municipalities to elect to become eligible to participate in tax abatement. To remain eligible to participate, a municipality must reauthorize guidelines and criteria to govern tax abatement agreements by resolution every two years. The current policy was approved and reauthorized on December 7, 2021 and will expire on December 7, 2023.
Before the governing body of a taxing unit may adopt, amend, repeal, or reauthorize guidelines and criteria, Chapter 312 of the Texas Local Government Code requires the governing body to hold a public hearing regarding the proposed adoption, amendment, repeal, or reauthorization.
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| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Reauthorizing the City of Plano Policy Statement for Tax Abatement will support the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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