Agenda

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AI- 41733

Commissioners Court

Meeting Date:	07/18/2016
Tax Abatement Agreement
Submitted For:	Bill Bilyeu	Submitted By:	Nicole Gillespie
Department:	Administrative Services
Request Type:	GENERAL

Information

Department Action

Tax Abatement Agreement with One Bethany Development Partners LP, for Reinvestment Zone No. 32.

Purchasing Department Action

No action by Purchasing.

HR and/or IT Action

Budget Department Action

Attached for your consideration is Tax Abatement Agreement Reinvestment Zone #32 between Collin County and One Bethany Development Partners LP to be presented to the Allen City Council in the next few weeks. Project was discussed in Executive Session on the May 9, 2016 Commissioners Court Meeting.

Agreement is for 50% of taxable value of improvements for 10 consecutive years with a base year of 2016. Project includes an office building containing not less than 125,000 square feet of gross building area and approximately 114,000 square feet of net rentable area of office space. This project will provide at least $25 million taxable value of improvements.

Auditor's Office Action

No action required by Auditor.

Commissioners Court

Tax Abatement Agreement for Reinvestment Zone No. 32 with One Bethany Development Partners LP for 50% of the taxable value of improvements for 10 consecutive years with a base year of 2016, Administrative Services.

Budget Information

Information about available funds

Budgeted:

Funds Available:

Adjustment:

Amount Available:

Unbudgeted:

Funds NOT Available:

Amendment:

Account Code(s) for Available Funds
1:

Fund Transfers

Attachments
Tax Abatement Agreement