CAIB(LEGAL) - AD VALOREM TAXES: ECONOMIC DEVELOPMENT

Reinvestment Zones—Tax Increment Financing

Board of Directors

Collection and Deposit of Tax Increments

Transfer of Funds Between Reinvestment Zones

  1. The taxing units that participate in the zone from which the money is to be transferred participate in the adjacent zone and vice versa;
  2. Each participating taxing unit has agreed to deposit the same portion of its tax increment in the fund for each zone;
  3. Each participating taxing unit has agreed to the transfer; and
  4. The holders of any tax increment bonds or notes issued for the zone from which the money is to be transferred have agreed to the transfer.

Tax Code 311.014(f)

Reinvestment Zones—Tax Abatement

Eligibility to Participate

  1. Limit the discretion of the governing body to decide whether to enter into a specific tax abatement agreement.
  2. Limit the discretion of the governing body to delegate to its employees the authority to determine whether or not the governing body should consider a particular application or request for tax abatement.
  3. Create any property, contract, or other legal right in any person to have the governing body consider or grant a specific application or request for tax abatement.

Tax Code 312.002

Municipal Reinvestment Zone

Notice of Public Hearing on Designation

Notice of Tax Abatement Agreements

Entering Tax Abatement Agreements

Meeting

  1. The name of the property owner and the name of the applicant for the tax abatement agreement;
  2. The name and location of the reinvestment zone in which the property subject to the agreement is located;
  3. A general description of the nature of the improvements or repairs included in the agreement; and
  4. The estimated cost of the improvements or repairs.

County Reinvestment Zones

Notice of Public Hearing on Designation

Entering Tax Abatement Agreements

Meeting

Western Texas College

CAIB(LEGAL)-LJC

UPDATE 38

DATE ISSUED: 5/22/2020