HomeMy WebLinkAboutResolution 1543
l~ Resolution
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;- WHEREAS, the City of Fort Worth has elected to become eligible
to participate in tax abatement under Chapter 312 of the Texas Tax
Code and has established guidelines and criteria for tax abatement
to qualified commercial/industrial projects (the "Policy State-
ment"), which Policy Statement was adopted on August 1, 1989 and
amended on June 5, 1990;
WHEREAS, the current policy requires a minimum investment of
$25 million;
WHEREAS, in inner-city areas which have poverty, unemployment,
low income and population loss, there has been little or no new
investment;
WHEREAS, in order to enhance the tax base and the local
economy, the Policy Statement should be amended to encourage new
commercial/industrial projects to locate in inner-city areas or
existing commercial/industrial projects to expand or modernize their
facilities in these areas.
NOW, THEREFORE, BE IT"RESOLVED BY THE CITY COIINCIL OF THE CITY
OF FORT WORTH, TEXAS:
THAT the City of Fort Worth hereby amends and restates the
Policy Statement for Tax Abatement to Qualified Commercial/
Industrial Projects in its entirety as set forth in Exhibit "A",
which Exhibit "A" is incorporated herein as if copied in its
entirety, and is approved.
THAT the Policy Statement, as amended and restated herein,
shall govern all subsequent tax abatement agreements for commercial/
industrial projects.
THAT this resolution shall take effect from and after its final
date of adoption, and it is accordingly so ordered.
CFPY OF FORT i~ORTi~
Adopted by the City Council of the City of Fort Worth, Texas this
26th day of June, 1990.
Bob Bolen, Mayor
City Secretary
APPROVED AS TO FORM:
ty Attorney
APPROVED BY
CITY COUNCIL
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jCtty Secre.arp of the
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CITY OP PORT NIORTS