O-2005-2809 - Laserfiche WebLink

Browse Search

e e $1,000,000 per job created/retained. (j) Taxability. From the execution of the abatement to the end ofthe agreement period, taxes shall be payable as follows: 1. value of ineligible property (as provided in Section 66-142 (e), "Ineligible Property,") shall be fully taxable; 2. the non abatable real property within the reinvestment zone shall be fully taxable each year; 3. additional value of new eligible property shall be taxable in the manner described in Section 66-142 (g), "Value and Term of Abatement;" 4. when due to the employment formula (as described in Section 66-142 (g), "Value and Term of Abatement,"), the maximum amount eligible for abatement ("the cap") is less than the total value of the new facility, the amount of the cap will be reduced each year at the same rate as the taxable improvements are reduced in value from the previous year's value; and 5. each year's exemption will be computed by HCAD in the following manner: (a) The Base Property Value will be the current value of all real property plus fixed-in-place machinery and equipment within the zone that is not subject to abatement. (b) The Base Year Value will be subtracted from the value of the Abated Property plus the Base Property Value, the result to be called Current Amount Eligible for Abatement. In no case can this amount exceed the cap set out in the abatement contract. (c) The Current Amount Eligible for Abatement is then multiplied by the abatement schedule set out in section 66-142 (g) to determine the amount of each year's exemption. (k) Environmental and Worker Safety Qualification. In determining whether to grant a tax abatement, consideration will be given to compliance with all state and federal laws designed to protect human health, welfare and the environment ("environmental laws") that are applicable to all facilities in the State of Texas owned or operated by the owner of the facility or lessee, its parent, subsidiaries and, if a joint venture or partnership, every member of the joint venture or partnership ("applicants"). Consideration may also be given to compliance with environmental and worker safety laws by applicants at other facilities within the United States. Section 66-143. APPLICATION (a) Timely application: Any current or potential owner or lessee of taxable property in - 8 -