TITLE
Consider a memorandum/resolution electing to be eligible to participate in tax abatement and re-establishing the North Killeen Tax Abatement Guidelines and Criteria.
SUMMARY
DATE: 5 June, 2018
TO: Ronald L. Olson, City Manager
FROM: Ray Shanaa, Exec. Director of Planning and Development Services
SUBJECT: Electing Eligibility And Re-Adoption Of The Guidelines And Criteria For North Killeen Tax Abatements
BACKGROUND AND FINDINGS:
In March of 2015 at a combined meeting of the Killeen City Council and Planning and Zoning Commission, it was decided that a committee made up of three (3) appointed council members and 3 appointed planning and zoning members would be formed to discuss and form recommendations regarding the revitalization of Northern Killeen. The group met on multiple occasions and discussed the appropriate boundary and target area for North Killeen redevelopment, desired goals and outcomes for the area, development incentives, and current code constraints.
The committee proposed an area bounded by W. S. Young to the East, Ft. Hood Street to the West, the Northern City limits and West Hallmark Avenue and Terrace Drive to the South. The committee drafted Tax Abatement Guidelines and Criteria for this area offering tax abatement opportunities to commercial and multi-family property owners who increase their property value 50% for new construction or 25% for expansion or renovation of a new facility and an overall new investment of at least $25,000 in taxable assets.
Ordinance 15-056 was passed and approved at a regular meeting of the City Council on the 22nd day of September 2015. Included in the ordinance was a sunset provision that dictated the ordinance would remain in force for two (2) years, unless amended or repealed by three-quarters vote of the City Council of the City of Killeen in accordance with Tax Code Section ยง 312.002 (C).
THE ALTERNATIVES CONSIDERED:
In order to offer tax abatements, the City is required to es...
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