(A) To pay the compensable costs required under this subchapter, the city may use only a method, or a combination of the methods, prescribed by this section.
(B) If a sign is required to be relocated or reconstructed, the city, acting pursuant to the Property Redevelopment and Tax Abatement Act (Tex. Tax Code, Ch. 312), may abate municipal property taxes that otherwise would be owed by the owner of the sign. The abated taxes may be on any real or personal property owned by the owner of the sign except residential property. The right to the abatement of taxes is assignable by the holders and the assignee may use the right to abatement with respect to taxes on any nonresidential property in the same taxing jurisdiction. Under this scenario, the costs include reasonable interest and the abatement period may not exceed five years.
(C) The city may allocate to a special fund in the city treasury to be known as the sign abatement and community beautification fund, all or any part of the municipal property taxes paid on signs, on the real property on which the signs are located, or on other real or personal property owned by the owner of the sign. The city may make payments from that fund to reimburse compensable costs to owners of signs required to be relocated, reconstructed, or removed.
(D) The city may provide for the issuance of sign abatement revenue bonds and use the proceeds to make payments to reimburse costs to the owners of signs within the city that are required to be relocated, reconstructed, or removed.
(Ord. 92-19, passed 10-6-92)