R-1083-3-92RESOLUTION NO. 1083-3-92(R
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN, COUNTY, TEXAS, SUPPORTING AMENDMENTS TO THE
POLICY STATEMENT FOR TAX ABATEMENT GUIDELINES CONTAINED
IN RESOLUTION NUMBER 1013-12-90(R) AS ADOPTED BY THE ALLEN
CITY COUNCIL ON THE 20TH DAY OF DECEMBER, 1990.
WHEREAS, the enhancement of the local economy is in the best interest of the
citizens of Allen; and
WHEREAS, the provisions of certain economic development incentives may encourage
prospective and existing businesses and companies to locate or expand in Allen; and,
WHEREAS, the City of Allen is a authorized to enter into Tax Abatement for
commercial/ industrial or residential purposes as authorized in Chapter 312 of the
Texas Tax Code; and,
WHEREAS, State law requires the adoption of guidelines and criteria governing the
establishment of tax abatement agreements; and,
WHEREAS, the City desires to amend guidelines, criteria and procedures for tax
abatement in accordance with Chapter 312 of the Tax Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ALLEN, TEXAS THAT:
SECTION 1. The City of Allen hereby amends the Policy Statement for Tax
Abatement Guidelines pertaining to Sections II and III, Guidelines for Tax Abatement
and Joint Committee on Tax Abatement, to include the following statement:
All requirements within the existing Policy regarding the meeting and deliberation
of the "Joint Committee on Tax Abatement" are hereby waived.
Businesses presently operating within the corporate limits of the City of Allen or
their representatives including, but not limited to, brokers, landlords and/or
developers may apply for up to a 57.6% abatement of taxes on the assessed value of
real property improvements for each year up to five years if the business has been
in operation within the City for a period of five years or longer from time of
application.
The minimum amount of value of new improvements to qualify for this abatement is
$2,500,000.
SECTION 2. The criteria and guidelines established within the Policy Statement for
Tax Abatement Guidelines as amended herein shall expressly govern all subsequent
tax abatement agreements, as required by State law.
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:
ce Farmer, MAYOR
ATTEST:
J y Mo . on, CITY SECRETARY
Resolution No. 1083-3-92(R) Page 2