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The major changes between the proposed Ordinance and the Ordinance approved in <br />2010 is as follows: <br /> Nomination of a new company (INEOS USA, LLC) <br /> The City may provide enhanced municipal services to businesses now includes <br />special public transportation routes or reduced fares <br /> The City may provide improvements to housing including: 1) low-interest loans <br />for housing rehabilitation, improvements, or new construction, or 2) transfer of <br />abandoned housing to individuals or community groups. <br /> The City may provide business and industrial development services now <br />includes low-interest loans for business and use of surplus school buildings or <br />other underutilized publicly owned facilities as small business incubators. <br /> Changed the liaison designee from Stacey Osborne to the City Manager for <br />communication and negotiations with the EDT through the Bank and Enterprise <br />Projects. <br /> The term of the Ordinance is five (5) years and terminates on March 2, 2026. <br /> <br />Following the public hearing, staff ask that City Council approve Ordinance 2021-3817 <br />liaison for communication with interested parties, and nominating INEOS USA, LLC to <br />the Office of the Governor Economic Development & Tourism (EDT) through the <br />Economic Development Bank (Bank) as an Enterprise Project (Project). If the ordinance <br />is passed, INEOS USA, LLC will be nominated as an Enterprise Project and they will <br />be eligible to apply for State tax abatements. There is no monetary contribution or <br />negative financial consequences to the City for participating in the nomination of an <br />enterprise zone project. <br /> <br />ACTION REQUIRED BY CITY COUNCIL <br />Hold public hearing on Enterprise Zone Ordinance and then approve Ordinance <br />2021-3817 <br />Program pursuant to the Texas Enterprise Zone Act, Chapter 2303, Texas <br />Government Code, providing tax incentives, designating the City Manager as the <br />liaison for communication with interested parties and nominate INEOS USA, LLC <br />to the Office of the Governor Economic Development & Tourism through the <br />Economic Development Bank as an Enterprise Project. <br />Approved for the City Council meeting agenda <br /> <br />Corby D. Alexander, City Manager Date <br /> <br /> <br />