TITLE
Consider a memorandum/resolution approving an application for North Killeen Tax Abatement from 1302 Harris Killeen-PJY Investments, LLC.
SUMMARY
DATE: 5 June, 2018
TO: Ronald L. Olson, City Manager
FROM: Ray Shanaa, Exec. Director of Planning and Development Services
SUBJECT: Tax Abatement Application Approval For 1302 Harris Killeen-PJY Investments, LLC
BACKGROUND AND FINDINGS:
The North Killeen Tax Abatement Guidelines and Criteria were initially adopted by City Council on September 22, 2015, and the policy will be considered for re-adoption at the June 12, 2018 City Council meeting. The tax abatement policy for the North Killeen Revitalization Area establishes a two-step process for approval of tax abatement: 1- City Council approval of the application; and 2- City Council approval of an agreement establishing the terms for abatement. The policy also establishes the following criteria to be considered when determining the amount of abatement in the North Killeen Revitalization Area:
North Killeen Revitalization Area
Category I. Objective Criterion - - Dollar Value of Improvements
$25,000 - $74,999 3 points
$75,000 - $149,999 6 points
> $150,000 9 points
Category II. Objective Criterion - - Number of Jobs Created or Retained (that would not otherwise be created or retained.)
1 - 5 jobs 3 points
> 5 jobs 6 points
Category III. Subjective Criterion - - Positive Impact on Community
No significant Positive Impact 0 points
Desirable Positive Impact 6 points
Exceptional Positive Impact 9 points
SCHEDULE
Sum of Years of % Abatement
Points Abatement
<6 - -
6 - 9 |99| 50%
10 - 17 5 75%
> 17 5 100%
The City received an application for tax abatement from 1302 Harris Killeen-PJY Investments, LLC located at 1302 Harris Avenue on March 23, 2018. The Secretary of the State of Texas has Mr. Paul J. Yazbeck as the registered agent of record. The property is a multifamily residential property with forty-si...
Click here for full text