Title
Consider/Discuss/Act on a Resolution Adopting the Revised City of McKinney Policy Statement on Economic Development and Community Redevelopment Incentives (Tax Abatement Policy)
Summary
DATE: March 3, 2015
DEPARTMENT: Administration
CONTACT: Rodney Rhoades, Chief Financial Officer
ITEM SUMMARY:
- State law requires that cities offering tax abatements adopt a Tax Abatement Policy every two years.
- McKinney's policy was last readopted on October 21, 2014. This policy continued until such time as a new policy could be developed along with an application.
- Staff indicated in October 2014 that we would bring a new rewritten policy and application at some point in the near future. The attached is the recommended new policy and application.
- This new policy takes the place of the one adopted in October 2014 and will remain in effect for the next two years.
- This new policy is designed to provide the City Manager with flexibility to recommend to Council an abatement structure that fits with the type of project being proposed.
SPECIAL CONSIDERATIONS:
ยท This policy with take the place of the one adopted in October of 2014.
FINANCIAL SUMMARY: None
BOARD OR COMMISSION RECOMMENDATION: N/A