O-2010-3245 adopting new Guidelines and Criteria Governing Tax Abatement Agreements

Browse Search

(b) If the company or individual is in default according to the terms and conditions of its agreement, the company or individual shall notify the City in writing at the address stated in the agreement within ten (10) days from the default, and cure such default within sixty (60) days from the date of the default ("Cure Period"). If the City determines that such requirement has not been complied with, the agreement may be terminated immediately and all taxes previously abated by virtue of the agreement may be recaptured, together with interest at 6% per annum calculated from the effective date of the agreement and paid within sixty (60) days of the termination. If the City does not receive full payment within said sixty (60) days, a penalty may be added, equal to 15% of the total amount abated. (c) If the company or individual allows its ad valorem taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for its protest and/or contest, the agreement then may be terminated, and all taxes previously abated by the agreement may be recaptured and paid within sixty (60) days of the termination, and penalties and interest may be assessed as set out in Section 66-146 ("Recapture"). Section 66-147. ADMINISTRATION (a) The Chief Appraiser of the County annually shall determine an assessment of the real and personal property comprising the reinvestment zone. Each year, the company or individual receiving abatement shall furnish the assessor with such information as may be necessary for the abatement. Once value has been established, the Chief Appraiser shall notify the affected jurisdictions, which levies taxes of the amount of the assessment. (b) The agreement shall stipulate that employees and/or designated representatives of the City will have access to the reinvestment zone during the term of the abatement to inspect the facility to determine if the terms and conditions of the agreement are being met. All inspections will be made only after giving twenty-four (24) hours prior notice and will only be conducted in such manner as to not unreasonably interfere with the construction and/or operation of the facility. All inspections will be made with one or more representatives of the company or individual and in accordance with the facility's safety standards. (c) Upon completion of construction, the City or the jurisdiction creating the reinvestment zone annually shall evaluate each facility receiving abatement to ensure compliance with the agreement and report possible violations to the contract and agreement to the City Council and the City Attorney and the affected jurisdictions which levy taxes. Section 66-148. ASSIGNMENT A tax abatement agreement may be assigned to a new owner or lessee of a facility with the written consent of the City Council, which consent shall not be unreasonably withheld. Any assignment -12-