HomeMy WebLinkAboutRES 76 304R-76- 304
RESOLUTION
WHEREAS, the City of Beaumont has entered into agreements with
existing businesses and industries located within its extraterritorial juris-
diction for payments in lieu of taxes; and,
WHEREAS, the City Council of the City of Beaumont desires to acquaint
prospective new industries or businesses that may locate within the extra-
territorial jurisdiction of the City with the City's policy regarding an-
nexation and payments in lieu of taxes;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the following is hereby adopted as the industrial district agreement
policy of the City of Beaumont for new industries or businesses locating
within the extraterritorial jurisdiction of the City of Beaumont:
The City of Beaumont shall negotiate an agreement for payments in
lieu of taxes with each new industry and business locating within the extra-
territorial jurisdiction of the City. The agreement shall be for a term of
seven (7) years. During the first four (4) years of the term of the agreement,
the new industry will pay the City in lieu of taxes seventy-five (75%) percent
of the tax that would be due on the company's land if the land were located
within the City of Beaumont. The amount of the payment will..be computed based
upon the purchase price of the land, the City's assessment ratio and the City's
tax rate. The payment in lieu of taxes shall be uniform for the first four (4)
years of the agreement. For the final three (3) years of the agreement, the
industry will pay in lieu of taxes seventy-five (750) percent of the amount
that would be due on the company's property, real and personal, if the property
were located within the City. The payment in'.lieu of taxes will be uniform for
the final three (3) years of the agreement. The payment will be computed by
averaging the one hundred (100%) percent market value placed upon the property
by all the taxing authorities having jurisdiction over the property. To the
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