HomeMy WebLinkAboutR-1084-3-92RESOLUTION NO. 1084-3-92(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, PROVIDING FOR THE ABATEMENT OF AD VALOREM
TAXES ON IMPROVEMENTS TO REAL PROPERTY AS PROPOSED BY
BETHANY CENTRAL LIMITED LIABILITY PARTNERSHIP.
WHEREAS, Bethany Central Limited Liability Partnership ( "Bethany Central LLP")
proposes development and construction of an industrial facility of approximately 64,800
square feet with an approximate total value of $2,800,000; and,
WHEREAS, the City of Allen ("City") seeks to increase investment and general wealth
within the City through the attraction and expansion of industry and development of
industrial lands in the City; and,
WHEREAS, the City is authorized to enter into Tax Abatement Agreements for
commercial/ industrial purposes as authorized in Chapter 312 of the Texas Tax Code;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS THAT:
SECTION 1. The Allen City Council is aware of and recognizes a study prepared in the
1990 City Comprehensive Plan Update establishing the ratio of revenues and operating
expenses for each class of property within the City. Findings of the Comprehensive
Plan Study show that developed industrial properties located in the City yield a
favorable ratio of 2.36 to 1, or 57.6% to 42.4% of revenues over operating expenses.
SECTION 2. Based on a 57.6% abatement of City of Allen and Allen Independent School
District taxes on $2,800,000 in value of real property improvements proposed by
Bethany Central LLP, the total amount of abatement over a five year period will equal
$115,218.43
(1.4288 (combined School and City tax rate) X $2,800,000(project value) = $40,006.40
(total taxes paid per year) X 57.6% = $23,043.69 (taxes abated per year) X 5 years =
$115,218.43 ( total value of abatement) .
SECTION 3. Should Bethany Central LLP develop and construct industrial facilities
valued at approximately $2,800,000 as appraised and assessed by the Collin County
Central Appraisal Office and which are in compliance with City development, building
and construction ordinances and codes, the City Council of the City of Allen will initiate
an agreement to abate 57.6% of real property taxes of the City of Allen for a period of
five years and represent the same agreement to the Allen Independent School District
for Bethany Central LLP.
SECTION 4. Prior to execution of a tax abatement agreement to support development
and construction of real property improvements as proposed by Bethany Central LLP,
the City and Bethany Central LLP shall enter into a written contract. This contract will
define specific elements of the abatement agreement including, but not limited to, size,
value and type of development and construction improvements and guarentees of
performance on specific improvements proposed by Bethany Central LLP in the City of
Allen.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, ON THIS THE 5TH DAY OF MARCH, 1992.
APPROVED
Gi
ce Farmer, MAYOR
ATTEST:
JudlyMorrthon, CITY SECRETARY
Resolution No. 1084-3-92(R) Page 2