1989-11-13 Regular Meeting - Laserfiche WebLink

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e e ~. (h) Economic Qualification. In order to be eligible for ciesignation as a reinvestment zone and receive tax abatement the planned improvement: (1) must be reasonably expected to increase the value of the property in the amount of $5 million; (2) must be expected to prevent the loss of employment, retain or create emploJ~ent for at least 30 people on a permanent basis in Harris County; and, (3) must not be expected to solely or primarily have the effect of transferring employment from one part of Harris County to another. (4) must be necessary because capacity cannot be provided efficiently utilizing existing improved property when reasonable allowance is made for necessary improvements. ) (i) Taxability. From the execution of_the abatement to the end of the agreement period taxes shall be payable as follows: (1) The value of ineligible property as provided in Section 2(e) shall be fully taxable; (2) the base year value of existing eligible property as determined each year shall be fully taxable; and, (3) the adcitional value of ne~. eligible property shall be taxable in the manner described in Section 2(g). APPLICATION Section 3. (a) Any present or potential owner of taxable property ~n (affected jurisdiction) may request the creation of a reinvestment zone and tax abatement by filing a written resuest with 'the(affected jurisdiction). (b) The application shall consist of a completed application form accompanied by: a general description of the proposed use and the general nature and extent of the modernization, expansion or new improvements to be undertaken; a descriptive list of the improvements which will be a part of the facility; a map and property description; a time schedule .for undertaking and completing tp,e planned improvements. 'In the case of modernization a statement of the assessed value of the facility, separately stated for real and personal property, shall be given for the tax year immediately proceeding the application. The application form may require such financial and other information as the (coverning body) deems appropriate for evaluating the fin~ncial capacity and other factors of the applicant. (c) Upon receipt of a completed application, the County Judge shall notify in writing the presiding officer of the legislative body of each affected jurisdiction. Before acting upon the application, the (affected jurisdictior.) shall through public hearing afford the applicant and the - 5 -