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Public Hearing: Consideration of a Resolution of the City Council of the City of Lewisville, Texas, Amending the City’s Economic Incentive (Commercial) Policy to Update Criteria for Certain Incentives, Establish Certain New Grants, Establish Priorities and Guidelines for City Participation in Affordable Housing Projects, and Improve Clarity, Flexibility, and Ensure Alignment With Current Economic Development Priorities; and to Establish and Adopt Guidelines and Criteria for Tax Abatement Agreements and Elect to Participate in Tax Abatement Agreements in Accordance with Chapter 312 of the Texas Tax Code; and Providing an Effective Date.
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ADMINISTRATIVE COMMENTS:
The City Council adopted its Economic Incentive (Commercial) Policy effective March 21, 2016, and amended the policy on May 20, 2019, and December 4, 2023. The policy establishes guidelines and criteria for the City's commercial economic development incentives, including tax abatements. The proposed policy updates the City’s criteria and programs to better align economic development incentives with current City priorities, including targeted industry recruitment, well-paying jobs, workforce development, redevelopment of focus areas, quality real estate development, and affordable housing. Chapter 312 of the Texas Tax Code requires the City’s guidelines and criteria for tax abatement agreements to be renewed every two years in order for the City to continue participating in tax abatement agreements. Therefore, this resolution amends the City’s economic development incentive policy and renews the guidelines and criteria for tax abatement agreements as required by state law. Section 312.002(c-1) of the Texas Tax Code requires the governing body to hold a public hearing before adopting, amending, repealing, or reauthorizing tax abatement guidelines and criteria.
RECOMMENDATION:
That the City Council approve the resolution as set forth in the caption above.