Laserfiche WebLink
<br />e <br /> <br />~RIGiNAl <br /> <br />least 25 people on a permanent basis in the in the <br />designated zone, provided that this employment <br />qualification, shall take effect three years after the <br />effective date of abatement and continue through the <br />remaining term of the agreement; or <br /> <br />(5) An abatement may be granted for a maximum investment of <br />$750,000.00 per job created or retained. <br /> <br />(i) Economic qualifications. If the property is located in an <br />area designated as an enterprise zone pursuant to the Texas <br />Enterprise Zone Act, as amended (Article 5190-7, Vernon's Texas <br />civil statutes) and the city has not created a reinvestment zone, <br />which includes property described under the provision of section <br />66-144 or 66-146 of this chapter, in order to be eligible for tax <br />abatement the planned improvement: <br /> <br />(1) Must be reasonably expected to increase the value of the <br />property by a m1n1mum amount of $500,000.00 upon <br />completion of construction; <br /> <br />(2) Must be expected to create additional permanent <br />employment for at least five people on a permanent basis <br />who are residents of the enterprise zone or who are <br />economically disadvantaged as that term is defined in the <br />Texas Enterprise Zone Act; <br /> <br />(3) Must not be expected to solely or primarily have the <br />effect of transferring employment from one part of the <br />city to another; <br /> <br />(4) Must be necessary because capacity cannot be provided <br />efficiently utilizing existing improved property when <br />reasonable allowance is made for necessary improvements; <br />and <br /> <br />(5) Must be made by an entity operating an authorized <br />facility that meets the criteria established for a <br />qualified business under the Texas Enterprise Zone Act. <br /> <br />(j) Research and development projects. If the planned <br />improvement is for a research and development facility, in order to <br />be eligible for tax abatement the planned improvement: <br /> <br />(1) Must be reasonably expected to increase the value of the <br />property by a minimum amount of $500,000.00 upon the <br />completion of construction; and <br /> <br />(2) Must be expected to create permanent employment for at <br />least five people on a permanent basis in the designated <br />zone, provided that this employment qualification shall <br />take effect two years after the effective date of <br />abatement and continue through the term of the agreement. <br />The abatement period shall not exceed five years from the <br /> <br />9 <br />