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AI# 11552
Regular City Council Meeting
7.15.
04/25/2023:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution giving Notice of Intent to consider the designation of a Reinvestment Zone on the X-FAB Texas, Inc. property.
Item Summary
The City of Lubbock has received an application for an industrial tax abatement from X-FAB Texas, Inc., for the expansion of their facility and acquisition of machinery and equipment. The property is not located in an Enterprise Zone, so in order to consider a tax abatement, the creation of a Reinvestment Zone at the location of the facility would be required. The project meets the Industrial Tax Abatement Policy and Guidelines for an existing company with a minimum of $1,000,000 in new personal property.
Because the site is not in an Enterprise Zone, several additional steps are added to the process to accommodate the creation of the Reinvestment Zone. The proposed steps and the future City Council meetings are as follows:
April 25, 2023: Notice of intent to create a Reinvestment Zone that will be sent to other taxing jurisdictions.
May 9, 2023: Public hearing to determine if the improvements sought are feasible and practical and would be a benefit to the land to be included in the zone, and to the municipality after the expiration of any tax abatement agreement. At the hearing, any interested persons will be entitled to speak and present evidence for or against the designation.
May 23, 2023: Adopt an Ordinance (First Reading) designating the Reinvestment Zone.
June 13, 2023: Second Reading of Reinvestment Zone Ordinance and Notice of Intent to enter into a Tax Abatement Agreement.
June 27, 2023: Consideration of a Tax Abatement Agreement.
This item is the first step in the process, and is for the consideration of the Notice of Intent to other taxing jurisdictions, that the City of Lubbock will hold a public hearing to consider the designation of a Reinvestment Zone on the X-Fab Texas, Inc. property.
Fiscal Impact
The cost of designating the Reinvestment Zone is appropriated in the Business Development Adopted FY 2022-23 Operating Budget.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Resolution
Exhibit A
Exhibit B
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