HomeMy WebLinkAboutIR 8472 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8472
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�T Date: February 25, 2003
To: The.Mayor and Members of the City Council
Page 1 of 1
SUBJECT: Timeline for Revising the Tax Abatement Policy
BACKGROUND:
Chapter 312 of the Texas Tax Code requires that cities establish guidelines and criteria governing
tax abatement agreements if the cities plan to enter into such agreements. Once adopted, the
guidelines and criteria are effective for two years, but can be amended at anytime by Council
action.
The City of Fort Worth's current tax abatement policy will expire February 29, 2004. In anticipation
of the policy expiration, and in response to comments received from developers, property owners,
chambers of commerce, and other interested parties regarding the City's tax abatement policy, staff
suggests the following process for revising the current policy. The proposed process will provide
for staff and Council to receive input as the policy recommendation is developed.
� `RO POSED SCHEDULE:
March 2003 Meet with developers, property owners, chambers of commerce, and others
with particular development interests to receive comments about the current
policy.
April 2003 Meet with staff from other City departments, such as Housing, Development
Services, Water, and TPW to discuss possible improvements to the policy
and procedures.
May 2003 Conduct a public meeting to allow interested parties to present comments
about the policy to the Economic & Community Development Committee.
June 2003 Present a revised policy to the Economic & Community Development
Committee.
June 2003 Present a revised policy to the City Council for consideration
-nary W. Jackson
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS