Title
Consider an ordinance re-adopting guidelines and criteria governing reinvestment zones and tax abatement agreements within the city limits or extraterritorial jurisdiction of the City of Round Rock. (First Reading)*
Body
Every two years the City must review and re-adopt its tax abatement criteria. The criteria was last adopted in November of 2012 so it is due for re-adoption. Upon review of the criteria by the City Manager, Chamber of Commerce VP of Economic Development and city staff, there are no changes proposed to the guidelines and criteria adopted in 2012.
Cities are authorized to grant tax abatements and establish reinvestment zones by Texas Tax Code Section 312.002, provided that guidelines and criteria are adopted. The guidelines and criteria are used by the City's economic development team to evaluate businesses seeking tax abatement based on various benefits including job creation, employee payroll and sales tax. Businesses are scored objectively based on point values. A minimum score of 175 is necessary to qualify.
Recommended Action
Staff recommenda approval