File #: 10-385    Name: Tax Abatement
Type: Resolution Status: Approved and Finalized
In control: City Council Regular Meeting
On agenda: 8/23/2010 Final action: 8/23/2010
Title: Consider/Discuss/Act on a Resolution Readopting the City of McKinney Comprehensive Policy Statement on Economic Development and Community Redevelopment Incentives (Tax Abatement Policy)
Attachments: 1. Resolution, 2. 2010 Tax Abatement Policy

Title

Consider/Discuss/Act on a Resolution Readopting the City of McKinney Comprehensive Policy Statement on Economic Development and Community Redevelopment Incentives (Tax Abatement Policy)

 

 

Summary

 

DATE:                                          August 23, 2010

 

DEPARTMENT:                     Administration

 

CONTACT:                                          Jim Parrish, Deputy City Manager

 

ITEM SUMMARY:                      

  • State law requires that cities offering tax abatements adopt a tax abatement policy every two years. 
  • McKinney’s policy was last readopted in September 2, 2008.
  • A set of criteria and abatement standards are set out in the policy, authorizing Council to grant a 25% abatement for certain projects for a 1-10 year period, based upon the expected taxable valuation of the project.  The policy also allows the Council to vary these standards on a case by case basis. 
  • No changes in the policy are proposed at this time. 
  • Changes may be made to the policy at any time after readoption with a ¾ majority of the Council.

 

SPECIAL CONSIDERATIONS: 

•                     No new tax abatement agreements may be entered into by the City until the policy is readopted.

 

FINANCIAL SUMMARY: None

 

BOARD OR COMMISSION RECOMMENDATION: N/A