To be considered for incentives as a Tex. Loc. Gov't Code, Ch. 380 economic development program under these policies and procedures, a project must meet the following minimum requirements:
(A) Either the project:
(1) Will result in an increased taxable value for the city in real property taxes and/or increased sales and use tax (excluding inventory and supplies);
(2) Is determined by the City Council to bring benefit to the city in that it will make a unique contribution to the development efforts in the city, due to its magnitude, significance to the community or aesthetic quality; or
(3) Will result in increased jobs in the city.
(B) Incentives established under a program will be provided only to the extent that the public benefit or amount of revenue realized by the city and attributable to a program is commensurate with the value of any incentives granted in the agreement.
(Ord. 20-1243, passed 4-16-2020)