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<br />. <br /> <br />. <br /> <br />. <br /> <br />K. Project. A business and/or facility that is to be considered for an <br />economic incentive. <br /> <br />L. Real Property. Shall mean land and all permanent improvements <br />constructed or erected on the land. <br /> <br />III. Program Requirements For Incentive Consideration <br /> <br />A. Incentives may be granted for new facilities, expansion or modernization <br />of existing facilities that add new taxable values to the ad valorem tax rolls, <br />and to businesses renovating or occupying existing facilities within the city <br />limits of Friendswood. To be considered for incentives as a Chapter 380 <br />Economic Development Program under these Policies and Procedures, a <br />project must at least meet the following minimum requirements below. <br /> <br />B. Incentives established under this Program shall be provided only to the <br />extent that the revenue realized by the City and attributable to a project <br />exceeds a minimum amount established by the Agreement. The public <br />benefit or amount of revenue realized by the City and attributable to the <br />project must be commensurate with value of any incentives granted under <br />this Program. <br /> <br />For Basic lndustries and Office Projects: <br /> <br />1. New Capital Investment Incentive: A project may be <br />considered if it will: <br /> <br />a. result in a minimum increased taxable value in Real and <br />Business Personal Property for the City of $1,000,000 <br />for a new business relocating to Friendswood; or <br />b. result in a minimum increased taxable value for the <br />City of $500,000 of Real and Business Personal <br />Property for an existing business established and <br />operating within the city limits. <br /> <br />3 <br />