HomeMy WebLinkAbout2021/02/23-Attachments-RESOLUTION NEZ TAX ABATEMENT POLICY 2021.PDFA Resolution
PROVIDING THAT THE CITY OF FORT WORTH ("CITY") ELECTS TO BE
ELIGIBLE TO PARTICIPATE IN TAX ABATEMENT AS AUTHORIZED BY
CHAPTER 312 OF THE TEXAS TAX CODE AND ESTABLISHING A
NEIGHBORHOOD EMPOWERMENT ZONE TAX ABATEMENT POLICY
GOVERNING SUBSEQUENT TAX ABATEMENT AGREEMENTS FOR
PROPERTIES LOCATED IN A NEIGHBORHOOD EMPOWERMENT ZONE
WHEREAS, a municipality may enter into tax abatement agreements authorized
by Chapter 312 of the Texas Tax Code ("Code") only if the governing body of the
municipality has previously adopted a resolution stating that the municipality elects to
be eligible to participate in tax abatement and has established guidelines and criteria
governing tax abatement agreements ("Tax Abatement Policy"); and
WHEREAS, pursuant to the Code, a Tax Abatement Policy is effective for two (2)
years from the date of its adoption; and
WHEREAS, the City's current Neighborhood Empowerment Zone Tax Abatement
Policy expired on January 29, 2021.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
1. THAT the City hereby elects to be eligible to participate in tax abatement in
accordance with Chapter 312 of the Code.
2. THAT the City hereby adopts the Neighborhood Empowerment Zone Tax
Abatement Policy attached hereto as Exhibit "A", which constitutes the
guidelines, criteria and procedures governing tax abatement agreements
entered into by the City, to be effective from February 2, 2021 through
February 2, 2023 unless earlier amended or repealed by a vote of at least
three -fourths (3/4) of the members of the City Council.
3. THAT this Neighborhood Empowerment Zone Tax Abatement Policy, as it
may subsequently be amended, will expressly govern all tax abatement
agreements for properties located in a Neighborhood Empowerment Zone as
designated by City Council and entered into by the City during the period in
which such Tax Abatement Policy is in effect.
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Adopted this ------ day of ____________2021.
ATTEST:
By: .....
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Mary Kayser, City Secretary
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