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.