On May 9, 2023, the a public hearing was held, and the City Council approved the first reading of the ordinance. The City of Lubbock received an application for an industrial tax abatement from X-FAB Texas, Inc. for the acquisition of new machinery and equipment for their existing Lubbock manufacturing facility. The property is not located in an Enterprise Zone, and so the creation of a Reinvestment Zone at the location of the facility is required before a tax abatement can be considered. As required by Chapter 312 of the Tax Code, Section 312.201(d), a public hearing was held prior to the considering of this ordinance. A governing body may not adopt an ordinance designating an area as a Reinvestment Zone until a public hearing is held, and has found that:
1. The improvements sought are feasible and practical;
2, It would be a benefit to the land and the municipality to be included in the Zone; and
3. The Zone meets one of the criteria for reinvestment zones.
The City Council approved the Notice of Intent to hold the public hearing at the April 25, 2023 City Council meeting. The notice was forwarded to the other taxing jurisdictions on April 28, 2023. The public hearing was held prior to consideration of this item. This is the third step in the process to designate a Reinvestment Zone. |