Title
Conduct a Public Hearing to Consider/Discuss/Act on an Ordinance Amending Chapter 98 of the City of McKinney Code of Ordinances by Amending the Historic Neighborhood Improvement Zone Tax Exemption Program
Summary
MEETING DATE: November 19, 2013
DEPARTMENT: Development Services - Planning Department
CONTACT: Guy Giersch, Historic Preservation Officer
Jennifer Arnold, Planning Manager
Michael Quint, Director of Planning
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the ordinance.
ITEM SUMMARY:
* Staff is proposing amendments to the Historic Neighborhood Improvement Zone Tax Exemption Program in order to improve the administration of the Historic Neighborhood Improvement Zone (HNIZ) program and to expand the current Neighborhood Empowerment Zone (NEZ) program to apply to non-residential, multi-family residential and vertically-integrated mixed use development projects.
* The most significant proposed changes to the administration of the HNIZ Tax Exemption Program are:
o Increase the Annual Aggregate Cap of the HNIZ Program. Currently, an annual aggregate cap on the total amount of ad valorem taxes which can be exempted in any budget year under any or all of the exemption levels is set at $50,000. Since the original adoption of the HNIZ Program in 2007, the City has approved a total of 54 tax exemptions. With the existing 54 exemptions approved, Staff projects that the program will reach the $50,000 annual aggregate cap beginning in 2014. As a result, Staff is proposing to increase the annual aggregate cap to $100,000.
o Modify the Term of a Level 1 Tax Exemption. Currently, residential properties that are approved for a Historic Marker may also receive a 100 percent exemption of the City's ad valorem tax for a period of 15 years. In order to ensure that the Program maintains exemption capacity over the long term, Staff proposes to modify the term of a Level 1 Tax Exemption from 15 years to 7 ye...
Click here for full text