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AI# 10542
Regular City Council Meeting
8.8.
03/22/2022:
Information
Agenda Item
Public Hearing - Finance:
Hold a public hearing for the City Council to receive public input concerning the adoption of an ordinance designating a reinvestment zone at 4301 E. 19th Street (Main Plant) and 4502 E. 4th Street (Wastewater Plant), as authorized by Chapter 312 of the Tax Code.
Item Summary
The City of Lubbock has received an application for industrial tax abatement from Leprino Foods for the construction of a new facility and acquisition of machinery and equipment. The property is not located in an enterprise zone, so it will require that a reinvestment zone be created at the location of the facility in order to consider a tax abatement.
The project meets the Industrial Tax Abatement Policy and Guidelines minimum investment for a new company of $1,000,000 in real property improvements. Total investment in the project will be $76.5 million for real property improvements and $539.2 million for machinery and equipment.
As required by Chapter 312 of the Tax Code, Section 312.201 (d) a public hearing is being held to discuss the designation of the Leprino Foods Reinvestment Zone. A governing body may not adopt an ordinance designating an area as a reinvestment zone until a public hearing is held and have found that the improvements sought are feasible and practical and would be a benefit to the land and the municipality to be included in the zone. At the public hearing, interested persons are entitled to speak and present evidence for or against the designation.
The City Council approved the Notice of Intent to hold the public hearing at the March 8, 2022 City Council meeting. The notice was forwarded to the taxing jurisdictions who levy taxes on the real property included in the zone on March 10, 2022. This item is the second step in the process to designate a Reinvestment Zone.
Fiscal Impact
The cost of designating the Reinvestment Zone is funded in the Business Development FY 2021-22 Operating Budget.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Public Hearing Notice
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