Item 6D - PresentationItem 6D: Resolution No. 24-014, adopting a tax abatement
policy; establishing guidelines and criteria for tax abatement
agreements; and, electing to continue eligibility to participate
in tax abatement.
•POLICY REQUIRED TO SPECIFY TERMS AND CONDITIONS FOR LOCAL TAX ABATEMENT
•MUST INCLUDE PROVISIONS FOR BOTH NEW FACILITIES AND EXPANSION OR MODERNIZATION
OF EXISTING FACILITIES
CHAPTER 312 – TEXAS TAX CODE
•2-YEAR TERM
RESOLUTION NO. 18-011
•2-YEAR TERM
RESOLUTION NO. 20-012
•2-YEAR TERM
RESOLUTION NO. 22-010
•RENEWAL OF TAX ABATEMENT POLICY – RECOMMENDED BY CEDC 2/27/2024
•NO PROPOSED CHANGES IN TERMS AND PROVISIONS
RESOLUTION NO. 24-014
BACKGROUND
NEW FACILITIES OR
STRUCTURES
$30,000,000 MINIMUM
ADDED VALUE
1,000 FULL-TIME JOBS
MINIMUM
$60,000 AVERAGE
ANNUAL TOTAL
COMPENSATION
EXPANSION OR
MODERNIZATION OF
EXISTING FACILITIES OR
STRUCTURES
$10,000,000 MINIMUM
ADDED VALUE
500 FULL-TIME JOBS
MINIMUM
$50,000 AVERAGE
ANNUAL TOTAL
COMPENSATION
TERM AND
PERFORMANCE REVIEW
2-YEAR TERM
REVIEW PROVISION
RELATED TO ACTIVE
AGREEMENTS
ACTIVE TAX ABATEMENT
AGREEMENTS WITH
TD AMERITRADE &
VARISPACE
TD Ameritrade VariSpace Southlake
Abatement
Program
Guideline
Minimum
added value
Full-Time Job
Creation
Average
Annual Total
Compensation
$60,000
1,000
Actual Goal
$30,000,000
1,867
$75,886,984
$72,339
Abatement
Program
Guideline
Minimum
added value
Full-Time Job
Creation
Average
Annual Total
Compensation
$60,000
1,000
Actual Goal
$102,319
$36,298,221
451
30,000,000
Q UESTIONS ?