ST1002-AG070925
AGENDA REQUEST FORM
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-T'H E ' C I T Y , O,~ DEPT: City Manager's Office
COrrELL
~' ".,. DATE: September 25, 2007
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ITEM #: 1 4
D WORK SESSION
D CONSENT
o REGULAR
ITEM TYPE: PROCEDURAL
ITEM CAPTION:
Consider approval of a tax incentive policy for Old Town Coppell to take effect on October 1,2007.
GOAL(S):
EXECUTIVE SUMMARY:
City Council reviewed this policy in Work Session in October. This policy addresses incentives specifically for projects in
Old Town Coppel!. See attached spreadsheet for a breakdown of available incentives.
FINANCIAL COMMENTS:
RECOMMENDED ACTION:
Approve a tax incentive policy for Old Town Coppell to take effect on
October 1,2007.
ACTION TAKEN BY COUNCIL:
APPROVED BY
CITY COUNCIL
ON ABOVE DATE
Motion to Approve
M - Peters
S - Tunnell
Vote - 6-0
Franklin absent
· Libby Ball
U . 200.7.10.23
12'17'21
-05'00'
I!Old Town Coppell Incentive Policy
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OLD TOWN COPPELL
TAX INCENTIVE POLICY
I. Location:
For the purpose of this incentive policy, Old Coppell is considered to be any land
generally located within the boundaries of the map attached as Appendix A.
II. Purpose:
The City of Coppell seeks to promote and develop Old Coppell through specialized
incentives that encourage new development as well as preservation and rehabilitation of
existing development. The development of Old Coppell will act as a tool for creating a
sense of place based on Coppell's unique, natural and cultural assets. This
comprehensive policy for promoting physical revitalization and financial reinvestment in
Old Coppell is designed to attract visitors to the area, encourage preservation of existing
assets and add new and exciting uses to the vicinity.
The purpose of this policy is to provide general guidelines and application instructions
for proceeding through the incentive process in Old CoppelI. Assessment for financial
assistance shall be on an individual basis; therefore, each incentive package will be
considered case-by-case and requires final approval from the Coppell City Councilor
their designee. The total package of incentives is generally designed to enhance the
economic viability of awarded projects. This approach will allow the City the flexibility
necessary to satisfy the unique needs and concerns of each applicant and the needs and
concerns of the City and its citizens.
This policy does not imply or guarantee that the City of Coppel! will provide tax
incentives to any applicant.
III. Criteria for Economic Development Incentives:
Incentives shall be awarded based on the degree to which the proposed project meets the
goals and objectives of the City for Old Coppell.
All projects must meet the following minimum criteria to be considered for any tax
incentives:
(1) Project must be compatible with the Old Coppel! Master Plan and character of
Old Coppell in the sole opinion of City Council;
(2) Project must meet the minimum development standards and design guidelines
set forth in the Coppell Zoning Ordinance.
Additional criteria are listed for each type of available incentive.
Each applicant must complete the Old Coppell Incentive Application attached as
Appendix B and submit a site plan package with the application.
IV. Available Incentives:
Incentives may be granted for eligible facilities on all or a portion of the increased
taxable value of the property over the base year value.
Tax Abatements
Applicants may receive up to a 75% abatement of real and personal property taxes for a
maximum of 5 years. Duration and amount of abatement granted will be based upon
capital investment and impact of the project to the area. Abatements are limited to new
and/or improved property value. To qualify, the project must have a minimum combined
real property and business personal property investment of two-hundred thousand dollars.
Projects not meeting this criteria may still be considered and qualify for a smaller
incentive based upon City Council's discretion.
Sales Tax Rebates
For businesses that generate sales tax revenue in the City of Coppell, a rebate of the
City's portion of sales tax may be granted. Businesses must have a minimum of two-
hundred fifty thousand dollars in annual sales to qualify for the sales tax rebate incentive.
Up to 100% of the 1 % collected by the City may be rebated for a maximum of 3 years.
Rebates will occur once per year during the month of April. Projects not meeting this
criteria may still be considered and qualify for a smaller incentive based upon City
Council's discretion.
Fee Waivers
Projects that qualify may receive up to a 50% waiver of Roadway Facilities Impact Fees,
Building Permit Fees or both.
Development Incentive
The Development Incentive is designed to help spur development in Old Coppell.
Applicants can apply for a development incentive to receive reimbursement of typical
industry standard loan closing costs. Each applicant is limited to a maximum incentive of
$5,000 and will be approved on a case-by-case basis. To qualify for this incentive, the
applicant must use a lending institution located within the city limits of the City of
Coppell for financing on property, and the applicant must close on the property within 90
days of incentive approval from the City. The applicant must submit the closing cost
estimates at the time of incentive consideration. Once the applicant has closed on the
property and the loan, documentation must be provided from the Coppell lending
institution of choice showing actual closing costs. No reimbursements will be made until
the property is under construction and proper documentation has been provided.
Facade Grants
The City of Coppell has dedicated a pool of funds to aid in the rehabilitation and
restoration of the exterior facades of existing property in Old Coppell. The pool of funds
will be distributed on a first come, first served basis, and approved projects will be
awarded an amount equal to 50% of the actual costs to renovate the exterior fayade. The
minimum project cost to be considered is $3,000. To qualify for a fayade grant, exterior
fayade renovations must include improvements such as appropriate windows, doors,
awnings/canopies, shutters and signage, and any other acceptable improvement - not
simply painting the exterior of the building. Projects may include rehabilitation to the
entire exterior fayade, but to be considered for a grant, the aforementioned improvements
must also enhance the street appeal of the structure. Applicant must submit plans for
construction prior to the start of the project along with bids for the improvements. All
plans will need to be reviewed and approved by the Planning staff prior to
commencement of the project. If plans are rejected, the applicant has the right to appeal
to the Planning and Zoning Commission. The project must meet the standards for
construction stated within the Historic District of the Zoning Ordinance, the Old Coppell
Design Guidelines and other applicable codes. The applicant must begin the project
within 90 days of approval and must complete the project within 12 months after
commencing. Extensions can be approved on a case-by-case basis at the City's
discretion. If approved for a grant, the City of Coppell will rebate 50% of construction
costs and material costs once an applicant has completed their structure. Applicant
should submit to the City of Coppell receipts at the end of the project, and the City will
issue reimbursement checks once per year during the month of April. Regardless of the
project cost, the total amount awarded will be capped at $25,000 per structure.
, II
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I PD-188-H 1
L H-S-1125R
Appendix A
Old Coppell
Boundary Map
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