2006-03-27 Regular Meeting and Workshop Meeting

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Other requirements under the Local Government Code Chapter 380 . City must establish a "program" to implement the incentive . Specific detail is not provided. However, it is safe to expect that such a program should; . Be planned and outlined in a written document . Included guidelines, application forms, typical agreement with safeguards Chapter 102 of the Local Government Code . Expenditure of funds related to economic development must be pursuant to consideration and approval of the item at an open meeting of City Council . If expenditure is not included within the original budget a budget amendment would be required Chapter 380 programs should also confirm . Compliance with applicable City Charter Provisions and local policies . They are not inconsistent with Texas Statutes or Federal Law . Review for conflicts with City Bond and Grant Documents . Any proposed debt issuance vs. use of Public Funds must meet the charter and/or other authority within Texas Statutes . If funds other than property tax funds are used, the City must comply with any state imposed limitations Additional Information Current tax values for the Main Street District The full taxable value (ad valorem only) for the entire Main Street Zoning District is $9.295 million (2005 tax year). The full value of revenue received at 100% collections rate is $65,993. Presently, there is $15,375 in delinquent taxes for this same area. Other Information Attached is an example of policies for assistance in redevelopment projects. This is to provide Council with some general ideas that might be considered if Council wishes to pursue either Empowerment Zone Agreements or Chapter 380 Grants/Programs. Certainly further input from the Main Street Program and Main Street Association would be valuable if Council further considers either of these incentives.