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<br />e <br /> <br />- <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: F <br /> <br /> <br />Budget <br /> <br />Requested By: <br /> <br />Source of Funds: <br /> <br />Department: <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: <br /> <br />x <br /> <br />Amount Budgeted: <br /> <br />Exhibits: Ordinance 2005- <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />~ <br /> <br />Budgeted Item: YES <br /> <br />NO <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City Council has expressed an interest in participating in tax abatement initiatives. With the <br />recently proposed project "Fix Up", an automobile re-manufacturing facility, Council has <br />accelerated this process and asked staff to prepare tax abatement guidelines similar to Harris <br />County's. <br /> <br />This Ordinance repeals (the expired) 1998 Guidelines and Criteria and adopts new guidelines <br />and criteria for tax abatements. The draft guidelines have been amended to include direction <br />received from Council at the January 28 Workshop Meeting. <br /> <br />The guidelines, if adopted, are in effect for a two year period ending on January 31, 2007 unless <br />amended by a * vote of the City Council. <br /> <br />These guidelines must be in place prior to the establishment of any "Reinvestment Zones", <br />which is the subject of a Public Hearing and Council action item later on the agenda. <br /> <br />Action Required bv Council: <br /> <br />Approve ordinance establishing Guidelines and Criteria Governing Tax Abatement Agreements. <br /> <br />Approved for City Council Agenda <br /> <br />~~w ~~ <br /> <br />ebra B. Feazelle~ City Manag <br /> <br />oJ-Y-u S <br /> <br />Date <br />