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
INTEGRITY City of South lake Strategy Map
INNOVATION
TEAMWORK The mission of the City of Southlake is to provide municipal services that support
EXCELLENCE the highest quality of life for our residents, a supportive environment for local
ACCOUNTABILITY businesses, and unique and special experiences for visitors.
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Safety & Security
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Infrastructure & customer experiences I public trust through I outcomes through a professional workplace
Development through innovation, I a commitment to I continual evaluation culture that supports
passion, and a strong I thoughtful planning and I and pursuit of better City values and promotes
culture. ' responsible, conservative 1 practices that improve a positive employee
financial manaqement. core business operations. experience.
\ Enhancing the sense ���..... ��
of community by Investing to provide& Collaborating with select Fostering positive
proactively creating maintain high quality partners to implement employee engagement.
opportunities for public assets. service solutions
Partnerships & attracting, developing &
community partnerships, B3 Maintaining an retaining a talented and
Volunteerism volunteer involvement,
and citizen engagement. environment of motivated workforce
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future readiness by for lasting world-class
understanding and performance.
acting upon the forces,
trends, and coming
Performance challenges affecting
Management & services. Ec
Service Delivery
C =Customer Objectives F= Financial Objectives B=Business Objectives i� L=Learning&Growth Objectives
Q UESTIONS ?