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BM 1993-11-03 EcDevCity of Coppell Economic and Business Development Board Wednesday, November 3, 1993 AIENUTES The Economic and Business Development Board met in a regularly scheduled meeting on Wednesday, November 3, 1993, at 7:00 p.m. in the Executive Conference Room of Coppell Town Center. The following Board Members were present: William Rohloff, Chairman James Dippold, Vice -Chairman Jerry Singleton, Secretary Bronwyn Brock Edward Spalding Linda Millegan, Alternate Ron Pankey, Alternate Special Board Members: John Mark Bonnot, Coppell Chamber of Commerce City Council Liaison: Flo Stahly CISD Liaison: Roy Brock EBD Reception Chairman: Don Keach Guests: Kay Tiller, Media Relations Consultant Gary Sieb, Director of Planning and Community Services Tom Morton, Mayor Kathleen Roach, Executive Secretary to the City Manager and Meeting Recorder Item 1 Call to Order: Board Secretary Jerry Singleton called the meeting to order at 7:05 p.m. Chairman William Rohloff will be arriving later on. Item 2 Reykw and A., unr4Il of Minutes: Minutes of the October 6, 1993 Board meeting were reviewed and approved upon a motion by Ed Spalding and a second by Ron Pankey. Item 3 Report on Eccot Devdqpgrs & Brokers Reception: Don Keach gave a report on the reception held October 14, 1993 at Town Center. 40 - 50 real estate brokers from around the metroplex attended. Don suggested the Board follow-up with those who attended to thank them for participating and encourage them to consider Coppell for potential business opportunities. The list of expenditures was handed out; however, it was noted that the $250.00 for the jazz band was not included and Kathleen Roach will revise the list. Don shared some of the names of individuals who attended and suggested a follow up phone call from a board member and use these names a springboard for another function in the spring. Gift certificates from the five participating restaurants were recently purchased and Kathleen will be sending them out to five individuals whose names were drawn at random. Jerry Singleton suggested Don divide the names of the reception attendees among the board this evening and each member could contact a number of persons by telephone. Don made copies of the list and handed them out. Members of the Board expressed their thanks to Don for all his efforts in making the reception a success. Item 4 Deferred until Chairman Rohloff's arrival. - Item 5 CgUKU Chamber Bawd: John Mark Bonnot handed out the monthly Chamber activity report. He also addressed the Board on some current projects he has undertaken. Samples of an "Economic Development Partnership" mailing label were passed around for review and approval. A mini, fold -out version of a Community profile was also passed around for review. Kay Tiller suggested to John Mark the possibility that TU might be willing to print this information for us, as they have done so in the past. John Mark presented a draft version of an aerial brochure map, similar to the one done by the City of Addison. Cost information on this project is still being compiled. These items are being brought to this Board for approval as the cost of printing will have to come from the Board's budget. Flo Stahly suggested that we go ahead with a motion to approve and put a cap on the amount to be spent at this time. Upon a motion by Bronwyn Brock, and seconded by Ed Spalding, the Board approved going ahead with the printing of these items, with a capped expenditure of $3000.00. The amounts to be printed are as follows: labels - 5000; mini community profile - 2500; aerial map brochure - 1500. John Mark was asked to bring a status report back to next month's meeting. [Note: At this time, Item 4 was brought forward for discussion and approval.] Item 4 Aminifflent Qf Board m rDevelgMent Codi ee: Chairman Bill Rohloff brought forward his recommendations for appointment to the Partnership Committees, as follows: Strategic Planning - Jim Dippold and Bronwyn Brock Marketing - Ed Spalding Product Improvement - Linda Millegan Business Retention & Expansion - Jerry Singleton and Ron Pankey Response Team - Bill Rohloff, Linda Millegan, Jerry Singleton Bill also recommended to John Mark Bonnot that Don Keach could ably serve on any of these committees. The Board members listed here were contacted prior to tonight's meeting and all have willingly agreed to serve as recommended. Bill thanked all members for their commitment. [Note: At this time, ;I 9 Media Relations Sub -Committee Re rt: Bronwyn Brock reported that she and Jim Dippold met to develop a job description for the media relations position. he handed out a defined job scope. Question was raised whether Kay Tiller is a media relations person for the EBD Board or for the City overall. She has been contacted by other boards and organizations for assistance with public relations f work. Jerry Singleton proposed that perhaps the City is getting to a point were we need to expand the scope of the media relations position. Kay Tiller said her fi work for the EBD Board is her first priority, but she will be happy to cover any other events that come up in the community. Flo Stahly recommended that a new contract be drawn up. The subcommittee report, as listed in the hand-out, should be incorporated into the contract agreement and the new budget amoun should be retroactive to October 1, 1993. 'Bronwyn Brock will work with Bill Ro o to draft this contract. Tom Morton suggested that Frank Trando, Interim City Manager, also be involved in this process. Item 6 Status Report on Current Development Ergo : Gary Sieb reported Interceramics has chosen Garland as the site of their new manufacturing facility. Bank of America is no longer interested in the site on Belt Line, near Tom Thumb. There is some activity with apartment development in the City, one at Parkway Blvd. and Coppell Road, and another one next to Kid Country which will go to P&Z this month. There's a lot of activity going on regarding expansion of several churches: Riverside Church of Christ, First Baptist, Valley Ranch Baptist, Las Colinas Fellowship Church, Rejoice Lutheran, and the Church of the Latter Day Saints. Also, we are still working with a couple single family developments and there's a rezoning request for a full service car wash next to the CISD Administration Building. Item 7 Media, Relations Report and Approval of Billing: Kay Tiller presented her report for the month of October and her invoice for the month of November. Upon a motion by Jerry Singleton and a second by Ed Spalding, payment was approved. Kay asked the Board if they wanted her to continue to supply the day to day details and expenses. Jerry Singleton responded that it was necessary to have this information each month. Item 8 Tax Abatement Sub-Cg=iUm Report: Ed Spalding handed out detailed information summarizing the tax abatement policies of the surrounding cities. This information is not intended as a recommendation to Council to make any changes in the current policy at this time, merely to present a comparison. It does appear that most cities are putting together some form of tax abatement in order to remain competitive. After some discussion, a motion was made by Ed Spalding and seconded by Ron Pankey, to recommend leaving the tax abatement policy as it is for the time being. Flo Stahly will take this recommendation to the Council at the next meeting, November 9, 1993. Item 10 RgMrU from Wisons and Spggial Board Members: a) Council Liaison Report Flo Stahly announced the new City Manager is Jim Witt from Dodge City, Kansas. He will be on board officially December 15, 1993. He has a strong background in economic development and has a creative approach to problem solving. Dr. Greg Gemoules will be breaking ground for his new eyecare facility located at Denton Tap and Bethel Road on Friday, Nov. 5, 1993 at 12 noon. All are invited. Flo asked the board if they were ready to make a presentation to the Council on the structure of the new Economic Development Partnership with the Chamber. Chairman Rohloff said he didn't feel the Board was quite ready to do that at this time. b) Coppell Chamber of Commerce John Mark reported that the Chamber's membership drive is in full swing. Also, the Gala Committee is hard at work for the upcoming "Sports Spectacular" event on February 19, 1994. c) Coppell Independent School District Roy Brock reported things are relatively quiet. However, the construction of the new Town Center Elementary School is about 45 days ahead of schedule. Item 11 Discussion and Consideration of Coppell video Pr uction This item was tabled as Linda Millegan was not able to attend tonight's meeting. Item 12 General Discussion and Other Business: Kathleen Roach presented the City of Coppell shirts and cups to be sold by the City Employees Fund Committee. Orders can be placed beginning next week. There being no other business to discuss, the meeting was adjourned at 9:50 p.m., upon a motion by Jerry Singleton and a second by Ran Pankey. Respectfully Submi, Gvi Kathleen Roach Executive Secretary to the City Manager NOTICE OF 1VIEEMG ECONOMIC & BUST SIM DEiTELOPMENT BOARD Wednesday, November 3, 1993 Meeting Time: 7 p.m. (Open to the Public) Meeting Place: Executive Conference Room at the Coppell Town Center, 255 Parkway Boulevard, Coppell, Texas Notice is hereby given that the Economic and Business Development Board will meet in regular session on Wednesday, November 3, 1993, at 7 p.m., in the Executive Conference Room at the Coppell Town Center, 255 Parkway Boulevard, Coppell, Texas. The purpose of the meeting is to consider the following items: Item 1: Call to Order Item 2: Review and Approval of Minutes,.10/06/93. Item 3: Report on Recent Developers & Brokers Reception Item 4: Appointment of Board Members to the Chamber Economic Development Committee Item 5: Coppell Chamber Report - John Mark Bonnot Item 6: Status Report on Current Development Prospects - Gary Sieb Item 7: Review and Discussion of Media Relations Report and Approval of Monthly Billing - Kay Tiller Item 8: Tax Abatement Policy Sub -Committee Report Item 9: Media Relations Sub -Committee Report Item 10: Reports from Liaisons and Special Board Members: a) Council Liaison Report b) Coppell Chamber of Commerce c) Coppell Independent School District Item 11: Discussion and Consideration of Coppell Video Production Item 12: General Discussion and Other Business Adjournment CBRTIFICATB I certify that the above notice of meeting was posted on the bulletin board at the Town Center of the City of Coppell, Texas, on Friday, October 29, 1993. Kathleen Roach, Executive Secretary to the City Manager Public Notice Statement for ADA Compliance The City of Coppell acknowledges its responsibility to comply with the Americans with Disabilities Act of 1990. Thus, in order to assist individuals with disabilities who require special services (i.e., sign interpretative services, alternative audio/visual devices, and amanuenses) for participation in or access to the City of Coppell sponsored public programs, services and/or meetings, the City requests that individuals make requests for these services forty-eight (48) hours ahead of the scheduled program, service and/or meeting. To make arrangements, contact Vivyon V. Bowman, ADA Coordinator, or other designated official at (214)462-0022 or (TDD 1 -804 -RELAY, TX, 1-800-735-2989). /kar ebdage.113 ECONOMIC AND BUSINESS DEVELOPMENT BOARD NOVEMBER, 1993 ATTACHED IS A SUMMARY OF THE TAX ABATEMENT POLICIES OF THE CITIES SURROUNDING COPPELL. THE POLICIES OF EACH OF THESE COMMUNITIES ARE AVAILABLE FROM KATHLEEN ROACH IF MORE DETAILED INFORMATION IS REQUIRED. THE ABATEMENT POLICY GENERATED BY SOME CITIES IS VERY VAGUE. IN SOME CASES, I BELIEVE THIS WAS DONE INTENTIONALLY IN ORDER TO GIVE THE CITY MORE FLEXIBILITY IN NEGOTIATING AGREEMENTS. IN EACH POLICY I REVIEWED THERE WAS SOME NUANCE, IDEA, OR CONCEPT THAT COULD BE INTEGRATED INTO COPPELL'S TAX ABATEMENT POLICY. I AM NOT SUGGESTING THAT ANY CHANGE IS NECESSARY ONLY THAT SOME OF THE RULES CREATED BY OTHER COMMUNITIES WERE VERY INTERESTING. TAX ABATEMENT SUMMARY TAX ABATEMENT POLICES ARE AVAILABLE FOR THE FOLLOWING CITIES. IF NO POLICY EXISTS IT IS SO NOTED. CITY CARROLLTON DALLAS FARMERS BRANCH FLOWER MOUND GARLAND GRAPEVINE IRVING LEWISVILLE PLANO SOUTH LAKE NO POLICY COPY AVAILABLE NO POLICY NO POLICY NO POLICY NO YES YES YES YES lid -am YES TAX ABATEMENT SUMMARY DALLAS ABATEMENT: 25% TO 100% TERM: 5 YEARS TO 10 YEARS COMMENTS: Different areas of the city are targeted where greatest economic support is needed. Areas where the need is the greatest would qualify for more abatement and longer terms. Heavy emphasis is placed on job creation. They have a very detailed policy and there appears to be very little flexibility. FARMERS BRANCH ABATEMENT: 300 TERM: 5 YEARS COMMENTS: They use a point system based on: New jobs created, tax base increase, personal property valuation, and sales tax generated. Minimum standards are required. 300% property valuation increase. 50% increase for expansion. Policy is flexible when the project is desirable to the community. FORT WORTH ABATEMENT: 100% (This is assumed as specifics are not identified in the policy) TERM: 10 YEARS COMMENTS: Emphasis is on low maintenance, high employment projects in enterprise zones. An "enterprise zone" can be created if the situation is desirable to Ft Worth. Development of the inner-city is a priority.. TAX ABATEMENT SUMMARY GARLAND ABATEMENT: 50% TO 100% TERM: 5 YEARS TO 10 YEARS COMMENTS: A point system is used to determine amount and term of abatement. Criteria is based on tax base increase, sales tax revenue, higher level of development, jobs created, etc., etc. Special consideration is made for smaller projects. Abatement and terms are negotiated when desirable companies request abatement to develop in target enterprise zones. Business retention is considered in Garland's policy. GRAPEVINE ABATEMENT: 20% TO 25% TERM: 3 YEARS TO 10 YEARS COMMENTS: A sliding scale is used in determine the amount of abatement and the term. Specific requirements are vague, giving the impression all points are open for negotiation. Minimum increase considered for abatement is $5,000,000. TAX ABATEMENT SUMMARY PLANO ABATEMENT: 25% TERM: 1 YEAR TO 10 YEARS COMMENTS: Plano also uses a sliding scale to determine abatement. the criteria is job creation ,payroll, personal property sales tax, infrastructure, and total operating budget. Also considered are environmental issues, effect on the community and master planning. Requirements are somewhat general, but the policy appears to cover most situations. Ftp e& ABATEMENT: 20% TO 25%(BASED ON SQ. FOOT OF CONSTRUCTION). 5% TO 10%(BASED ON JOBS CREATED) 2.5% TO 5%(BASED ON NEW PAYROLL $ CREATED) TERM: 4 YEARS TO 10 YEARS COMMENTS. Irving has created a very comprehensive policy. Virtually everything is spelled out and quantified. There is little room for misinterpretation or negotiation. In this policy they also considered major lessors for tax abatement. TAX ABATEMENT SUMMARY Attached is the printed copy of Garland's tax abatement policy. I have included a copy for your review. I found it to be the most comprehensive of all the documents I reviewed. The appearance is clean and the content clearly spells out Garlands policies regarding their support for development in their community. Crty of Garland Guidelines for Tax Abatement General Purposes and Objectives The City ofGarland iscommitted to the promotion ofhigh quality development in all parts of the City and to an ongoing improvement in the quality of life for its citizens. As a means to achieve these goals, the Garland City Council adopted inJanuary 1987, anEconomic Develop- mentStrategy and Implementation Plan. This document calls for the use of incentives, including tax abatement, to promote retention and expansion of existing industry and to assist in attracting new business. The Strategy specifically recommends the use of such tools in special instances. The goals of job creation, increased property tax valuation, new retail sales tax revenues, and higher development standards are amoung the primary factors to be considered in granting tax abatements. Tax abatement will not ordinarily be consid- ered for projects which would be developed without such incentives,, unless it can be demonstrated that higher development standards or other priority goals will be achieved through the use of the abatement. Warehouse and distribution facilities will not be eligible for tax abatement, unless they are ancillary to manufacturing or production processes, or can be demonstrated to achieve other priority goals. Withinthe context ofthese goals, the City ofGariandwill, on a case-by-case basis, give consideration to providing incentives as a stimulus for economic development in Garland. It is the policy of the City of Garland that such consideration will be provided in accordance with the procedures and criteria outlined in this document. Noth- ing herein shall imply or suggest that the City of Garland is under obligation to provide any incentive to any applicant Aga ,pplicants shall be considered on a case-by-case basis. According to Texas law (Property Redevelopment and Tax Abatement Act --Chapter 312 of the Texas Tax Code), the City of Garland may grant tax abatement on the increment in value added to a particular property City of Garland by a specific development proposal which meets the Economic Development economic development goals and objectives ofthe City of 2734 W. Kingsley Garland. The tax abatement shall apply onlyto the real pp y Suite J-4 Garland, TX 75041 214-205-2791 Revised and Readopted. May 1993 City of Garland Economic Development 2734 W. Kingsley Suite J-4 Garland, TX 75041 214-205-2791 estate portion of the project or tangible personal property or both. Inventory and supplies will not be included. Tag abatements are granted to the owners ofreal and personal property; for projectswhere real property is leased, special terms and conditions may be set in the agreement governing each specific tax abatement. Mininurm Standards for Tax Abatement To be considered eligible for a tax abatement, the proposed project and/or property must meet at least two of the following criteria: A. Project involves aminimum increase in property value of 300% for new project; 50% for expan- sion; or an investment of at least $5 million in taxable assets. B. :Project makes a substantial contribution to rede- velopment efforts or special area plans by en- hancing either functional or visual characteris- tics, i.e., parking, circulation, facades, materials, signs, historic structures, etc. C. Project has high visibility, image impact, or is of a significantly higher level of development qual- ity. D. Project is an area which might not otherwise be developed because of constraints of topogra- phy, ownership patterns, site configuration, etc. E. Project can serve as a prototype and catalyst for another development of a higher standard. F. Project stimulates concentrations of employ- ment and/or commercial activity. G. Project genemesgreateremploymentthanwould otherwise be achieved, i.e., commercial/indus- trial vs. residential or manufacturing vs. ware- house. Applicants must provide a written narrative detailing how a project meets these minimum standards. Revised and Readopted. May 1993 Objective Criteria The following is an objective scoring scale designed to evaluate a number of specific components common to all applicants. It assigns points based upon comparable economic impact. A. How many new jobs Nvill be created? (Assign 1 point per 10 jobs.) B. How much local annual payroll will be cre- ated? (Assign 1 point per $100,000 of pay- roll.) C. How much real property tax base valuation will be added? (Assign 1 point per $100,000 in real property value added over $1,000,000.) D. How much personal property tax base valuation will be added? (Assign 1 point per $100,000 in personal propertyvalue added over $1,000,000. ) E. How much local annual sales tax will be directly generated (for retail projects)? (Assign 1 point per $1,000 in local sales tax collections.) F. How much electricity will be purchased annually from Garland Power and sight? (Assign 1 point per 50,000 KWH.) Subjective Criteria In addition to the objective criteria for which specific point values can be assigned, several additional consider- ations must be evaluated. The applicant is asked to respond in written narrative format to those items listed below: A Is project sponsor a local company? B. What types and values of public improvements, if any, will be made by the applicant? City of Garland C. Will the occupants of the project be owners or Economic Development lessees? If lessees, are occupancy commitments 2734 W. Kingsley already existing? Suite J-4 Garland, TX 75041 214-205-2791 Revised and Readopted. May 1993 City of Garland Economic Development 2734 W. Kingsley Suite J-4 Garland, TX 75041 214-205-2791 D. Does, or can, the project meet all relevant zoning, subdivision and other legal requirements? E. What impact will the project have on otherta.Nng entities (Garland schools in particular)? F. Are the new jobs to be created likely to be filled by Garland's local labor force (i.e., appropriate demographic profile)? G. Does the project provide particular benefit to an area of the City targeted for revitalization? H. Will the project substantially increase the busi- ness opportunities of existing local suppliers and contractors? I. Is the project consistent withthe Comprehensive Plan ofthe City ofGarland or special area plans, where applicable? J. Is the level of quality significantly higher than typical projects of a similar use? Are significant site amenities provided such as landscaping, public art, water fountains, plazas, etc.? K. Will the project compete with existing busi- nesses to the detriment of the local economy. L. Does the project pose any negative environmen operational, visual or other impacts Ci.e., pollution, noise, traffic congestions, etc.)? Value of Tax Abatement Provided The above objective and subjective criteria will be used to determine whether it is in the best interests of the City of Garland to provide tax abatement to a particular applicant. The degree to which the specified project fi rthers the goals and objectives of the City of Garland, and the relative impact of the project, will be used to determine the total value of the tax abatement provided, subject to the following guidelines: A. As a general rule, no tax abatement will be granted in an amount which exceeds the esti- mated costs to the City ofGarland for support of the project. To determine these costs, the Fiscal Revised and Readopted. May 1993 City of Garland Economic Development 2734 W. Kingsley Suite J-4 Garland, TX 75041 214-205-2791 ImpactModel * analysis will be used. Exceptions to this rule are outlined below (Sections C & D). B. When an applicant project meets the eligibility criteria specified in Section H Iftnimum Stan- dards and achieves a score of at least 100 points according to the scoring scale found in Section III Objective Criteria, that project may be granted a tax abatement on real property of up to fifty percent (50%) for a period of up to five years. The terms of the abatement will subject to negotiation within these parameters. C. Special tax abatement formulas may be nego- tiated for projects meeting the Minimum Stan- dards for Tax Abatement which achieve a point score in the Objective Crfteria that exceed: 400 points to 749 points: Project maybe granted a tax abatement on both real and personal prop- erty of up to fifty percent (50%) for a period of up to five years. , 750points and more: Project may be granted a tax abatement on both real and personal property of up to 100% for a period of up to ten years. The basic qualification for special tax abatement is the significance of the contnbution the project makes to the City of Garland's economic devel- opment goals. In these cases, an exception may be made to the Fiscal Impact Model cost/rev- enue ost/revenue rule detailed in Section A above. The guideline here is that annual tax receipts, with the abatement, must exceed cost estimates for the same year, not later than year four of the project. Cumulative tax receipts, with the abatement, must exceed cumulative estimated costs no laxer than year eight (Four Year/Eight Year Cost/ Revenue Rule). D. In some special instances, projects which meet the Minimu m Standards criteria may be consid- ered for tax abatement even if they cannot meet the 100 point score on the Objective Criteria. These special instances include: Small scale development, redevelopment Revised and Readopted. May 1"3 City of Garland Economic Development 2734 W. Kingsley Suite J-4 Garland, TX 75041 214-205-2791 or expansion projects in the downtown or other areas of Garland designated for revitalization may qualify. 2. Projects which contribute significantly to specific economic development goals but which may be small in scale may qualify. 3. Retention of existing industry where companies are making a significant in- vestment in new machinery and equip- ment in an effort to update their current technology which does not result in significant new construction to existing facility, but where the new machinery and equipment will assist in maintaining or improving their competitive advan- tage in the market place, thus retaining current employment levels and/or add- ing additional employees while main- taining existing tax and utility revenues to the city. Tax abatement formulas appropriate to the na tureand scaleoftheseprojectsmaybenegotiated ifthe Five Year -Fifty Percent guidelines do not adequately meet the objectives of the project. * Contact City of Garland Planning Department for information on Fiscal lm,pactMode1. Procedural Guidelines Any person, organization or corporation desiring that the City of Garland consider providing tax abatement to encourage location or expanded operations within the city limits of Gartand shallbe required to comply with the following procedural guidelines. Nothing within these guidelines shall be construed to. suggest that the City of Garland is under obligation to provide any abatement to any applicant even if certain criteria are met. The City reserves the right to reject any application. Revised and Readopted, May 1993 City of Garland Economic Development 2734 W. Kingsley Suite J-4 Garland, TX 75041 214-205-2791 Preliminary Application Steps A. Applicant should complete the following at- tached forms: 1. Application for Tax Abatement 2. Fiscal Impact Model Worksheet 3. Tax Abatement Objective Worksheet B. Applicant should address criteria listed in Sec- tions H and N above in nan-ative format. C. Applicant should provide a plat showing the precise location of the property, all roadways within 500 feet ofthe site, and all existing zoning and land uses within 500 feet of the site. D. A complete legal description of the property should be provided. E. Applicant should complete all forms and infor- mation detailed in items A through above and submit to the Business Development Manager, Economic Development, City of Garland, 2734 West Kingsley Road, Suite 74, Garland, Texas. Application Review Steps A All information submitted as detailed above will be reviewed for completeness, accuracy and the rationale for projections made. Additional infor- mation may be requested as needed. B. The application will be distributed to the appro- priate departments for internal review and com- ments., omments., Additional information maybe requested as needed. C. The application will be reviewed accordingto the guidelines and criteria detailed herein. D. Copies of the complete application package and staff comments will be provided to the other, appropriate taxing entities (Garland Indepen- dent School District and Dallas County). Revised and Readopted. May 1993 City of Garland Economic Development 2734 W. Kingsley Suite J-4 Garland, TX 75041 214-205-2791 Consideration of the Application A. Staffwill make recommendations on the applica- tion to the City Council Economic Development Committee. If needed, the Economic Develop- ment Committee will meet with the applicant. B. Review of the project and Economic Develop- ment recommendation will be presented at a regular City Council Work session. C. At a subsequent regular City Council meeting, all necessary legal documents will be considered for approval following evaluation ofall relevant staff and City Council Economic Development Com- mittee recommendations and reports. D. Other appropriate additional steps, including a public hearing on the project and the proposed tax abatement district, must be incorporated into the process as mandatedby state law and detailed in the Property Redevelopment and Tax Abate- ment Act (Chapter 312, Texas Tax Code). Adoption and Execution ofAgreements Should the City Council determine that it is in the best interest ofthe City ofGarland to provide Tax Abatement to a particular applicant, a resolution shall be adopted declaring that, under the guidelines and criteria estab- lished herein, the applicant is eligible for abatement and the tax abatement district is established. The resolution shall further authorize the City Manager to negotiate an agreement with the applicant governing the provision of the abatement. Any Agreement must include at least the following sped items: General description ofthe project (see Applica- tion Guidelines VI) Amount of the tax abatement Method for calculating the value of the abate- ment Revised and Readopted, May 1993 V City of Garland Economic Development 2734 W. Kingsley Suite J-4 Garland, TX 75041 214-205-2791 * Duration of the abatement * Legal description of the property * Type, number, location and timetable of planned improvements * Any specific terms and conditions to be met by applicant The agreement shall then be presented to City Council for adoption, whereupon it shall be executed by the City Manager andbythe specified official ofeach participating taxing jurisdiction. Should the term of the agreement su bsequ endy not be satisfied, the tax abatement shall be null and void and all abated taxesshall immediatelybepaid to the Oiy of Garland and aU other twang juristpictions part pat- ing in the tax abatement agreement. Provisions to this effect shall be incorporated into the agreement. Revised and Readopted, May 1993