Title
Conduct a Public Hearing to Consider/Discuss/Act on Amending Ordinance No. 2010-05-014 for the City of McKinney’s Continued Participation in the Texas Enterprise Zone Act, Chapter 2303, Texas Government Code and Providing Additional Potential Business and Tax Incentives
Summary
COUNCIL GOAL: Direction for Strategic Growth
MEETING DATE: January 19, 2016
DEPARTMENT: City Council
CONTACT: Brian Loughmiller, Mayor
Tom Muehlenbeck, Interim City Manager
RECOMMENDED CITY COUNCIL ACTION: Approve Ordinance.
ITEM SUMMARY:
• On May 18, 2010, the City Council adopted Ordinance 2010-05-014 nominating Raytheon Company and providing 21 incentives identified as listed in Exhibit A that will be made available.
• The enterprise zone areas within the City are reinvestment zones in accordance with the Texas Tax Code, Chapter 312.
• The City desires to update the 21 incentives to reflect changes that have occurred within the City over the last six years.
• The proposed Ordinance incorporates 26 incentives identified in Exhibit A.
• The City Manager or his designee will be the City’s liaison to communicate and negotiate with the Office of the Governor, Economic Development and Tourism through the Bank and enterprise project(s) to oversee enterprise zone activities and communications with qualified businesses and other entities in an enterprise zone or affected by an enterprise project.
BACKGROUND INFORMATION:
• The City desires to create the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed areas of the City and to provide employment to residents of such areas.
SPECIAL CONSIDERATIONS: None
FINANCIAL SUMMARY: None
BOARD OR COMMISSION RECOMMENDATION: None