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AI# 10692
Regular City Council Meeting
8.10.
04/26/2022:
Information
Agenda Item
Public Hearing: Finance:
Hold a public hearing regarding the proposed amendment of the Guidelines and Criteria Governing Tax Abatement for Industrial Projects in the City of Lubbock, and consider a resolution, in accordance with the Property Redevelopment and Tax Abatement Act.
Item Summary
This item is an amendment of the Guidelines and Criteria Governing Tax Abatement for Industrial Projects in the City of Lubbock(Industrial Guidelines). The proposed changes to the Industrial Guidelines are as follows:
Section IV. Criteria and Guidelines for Tax Abatement
Section IV. 5. Added onsite raw materials, works in progress, supplies and tools as eligible for tax abatement status.
Section IV 6. Non-eligible Property - Inventories and supplies were removed and finished goods were added.
Section IV 10. Removed the section which allowed a variance to the guidelines as it is in conflict with Chapter 312, Tax Code and renumbered the remaining sections.
Section X Recapture
Section X. 2. Changed to align with the Chapter 312.205 (a)4 of the Tax Code
Section X. 3. Changed to align with Chapter 312.205 (b)6 of the Tax Code
Section X. 6. Changed to align with Chapter 312.205 (b)6 of the Tax Code
The amendment will require a vote of three-fourths of the members of the City Council to approve
per Chapter 312.002 (c). If approved, the amendment will not change the end date of the guidelines.
Fiscal Impact
The guidelines do not have a fiscal impact.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Resolution - Guidelines for Tax Abatement, Industrial Projects
DRAFT of 2022 Proposed Amended Industrial Guidelines
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