Title
Consider/Discuss/Comment on an Amendment to the Historic Neighborhood Improvement Zone Tax Exemption Program
Summary
MEETING DATE: November 7, 2013
DEPARTMENT: Planning Department
CONTACT: Guy Giersch, Historic Preservation Officer
Jennifer Arnold, Planning Manager
APPROVAL PROCESS: The Historic Preservation Advisory Board serves in an advisory capacity to the City Council and, as such, may provide written comments to the City Council prior to Council action on an amendment to Chapter 98 of the City of McKinney Code of Ordinances pertaining to the Historic Neighborhood Improvement Zone Tax Exemption Program (HNIZ Program). The minutes of this meeting will serve as the written comments and will be forwarded to the City Council at the November 19, 2013 meeting.
STAFF RECOMMENDATION: Staff recommends that the Board consider/discuss/comment on the amendment to the Historic Neighborhood Improvement Zone Tax Exemption Program.
ITEM SUMMARY:
* Amendments to the Historic Neighborhood Improvement Zone Tax Exemption Program are proposed to improve the administration of the program and 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 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 anticipates 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 p...
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