Laserfiche WebLink
<br />. <br /> <br />II. Definitions <br /> <br />A. Agreement. A contractual agreement between an applicant and the <br />City for the purpose of an economic incentive. <br /> <br />B. Business. A commercial enterprise that operates and conducts <br />business for profit. <br /> <br />C. Business Personal Property. Property used by a business and <br />which is not real property, and excluding inventory. <br /> <br />D. City. The City of Friendswood, Texas, and all its governing and <br />operating bodies. <br /> <br />E. Council. The City Council of the City of Friendswood, Texas. <br /> <br />. <br /> <br />F. Expansion. The addition of improvements and business personal <br />property subject to ad valorem taxes to an existing facility, but <br />excluding inventory. <br /> <br />G. Facility. Improvements which, when completed, together <br />comprise an integral whole. <br /> <br />H. Improvement. A building, structure or fixture erected on or <br />affixed to land. <br /> <br />I Incentive. Any City partlclpation or contribution permissible <br />under Chapter 380, as amended, of the Texas Local Government <br />Code. <br /> <br />. <br /> <br />1. Modernization. The replacement or upgrading of eXlstmg <br />facilities, which increases the productive input or output, updates <br />the technology, substantially lowers the unit cost of operation, or <br />ex.tends the economic life of the facility. Modernization may result <br />from the construction, altera6on, or installation of improvements. <br />It shall not be for the purpose of reconditioning, refurbishing, <br />repairing, or completion of deferred maintenance. <br /> <br />2 <br />