Businesses from time to time may be required to relocate from their current locations due to major public infrastructure projects in the City. On December 20, 2005, the City Council adopted the initial Relocation Incentives Policy (Policy) creating a set of relocation incentives, including tax abatement and development fee waivers, to be available to such businesses in an effort to retain the businesses in the City (M&C G-15045). Each request for tax abatement incentives under the Policy requires approval from the City Council. In order for a business to be eligible under this Policy, the City Council must first pass a resolution designating a public infrastructure project impacting the business as a Major Public Infrastructure Project, which will then allow for the use of available relocation incentives under the Policy. The current designated Major Public Infrastructure Projects include Chisholm Trail Parkway (SH-121T) (Resolution No. 3318-02-2006), the Trinity Uptown Project (Trinity River Vision) (Resolution No. 3390-07-2006), the TEX Rail Project (Resolution No. 4118-08-2012) and the IH-35 Corridor Expansion Project (also Resolution No. 4118-08-2012).
Under state law, policies pursuant to which a municipality offers tax abatements expire after two years. The current Policy was adopted by the City Council on December 10, 2013 (Resolution No. 4266-12-2013), to be effective from December 16, 2013 until December 15, 2015. Adoption of the attached resolution will readopt the Policy for another two years. There are no proposed changes from the current Policy.
Once adopted, the Policy will be effective from June 28, 2016 through June 27, 2018.
This M&C does not request approval of a contract with a business entity. |
