R-1989-19 - Laserfiche WebLink

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, . l ./ J Annotation, page , j e the project is considered completed and the clock begins running which means that in no case will the abatement exceed seven yearo. The full abatement during construction is typical of abatement progr~s elsewhere. Provisions for extending the abatement period through the term oi the reinvestment zone is intended to deal with any future chi.1nges that might occur in state lau, ao well as provide for the aba~ement of a second or third-stage project th~t might e~tcnd well into the term of the reinves~lent zone. The abatement need not start immediately. Execution' of the contract (Section Sa) can occur at any time after County approves the resolution (Section 3d). Section 2h. Economic qualifications de~cribed herein are intended to limit investments as far as practical to those th~t are beneficial to the community and practical to administer. Section 2hl. Provides for a minimum new investment yielding $25.,000 incremental tax revenue to H~rris County government. A~ a $.48 tax rate, the minimum investment is $5 million. Attar aba,tement, the minimum project can be e::pected to yield a.bout $100,000 annually under the typical $2.00 combined' city-county-school tax rate. Section 2h2. Deals with the employment impliciltions of the proposed improvement. Note that the project. does not have to Ciluse or create new employment. It can preve~t. or mildIlli::e the loso of existing employment where technolo.q;..cal change would . otherwise cause us to lose a plant to another .state or regior~. AS an e~:a.mple, assume that a company approves a new petrochemical plant and is between a HiOrris County location or ~nother location. As a part 0: that decision, an old plant in li.arris County would be shut down. The new plant is a significant step forward in technology, and as a consequence would onl1 require 5U employes, compared to the existing process that reguires ~OO employes. In the event that no ab4tement \lere offf::red, harris County could lose all 200 employes. Howev~r, by allo\'lillg abatement to minimi~e the loss of employm~nt, Harris County would be eligible to offer the abatement and compete to keep those 50 permanent jobs. Construction jobs are a bonus. _ '. Section 2h3. Deals with the concern that companies might transfer ereployes from one part of the county to anothe~ to get abatement. That ~ort of situation is not entirely precluded, since there \'lill be' cases ill which companies might want to consolidate part of their work force into a new f~cility. However, policy do~s provide that the investment cust ~ot solcly or primarily h~ve the j