STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 11, 2024
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize a public hearing to be held on January 8, 2025, to receive comments regarding amendments and updates to the City of Dallas Economic Development Incentive Policy for the period January 1, 2025 through December 31, 2026 - Financing: No cost consideration to the City
Body
BACKGROUND
On January 25, 2023, City Council authorized the City of Dallas Economic Development Incentive Policy by Resolution No. 23-0220. On March 27, 2024, City Council authorized amendments to the Economic Development Incentive Policy by Resolution No. 24-0435 to implement the 2024 economic development general obligation bond proposition, reflect changes to state law, make minor program updates and add cost recovery provisions, and implement general updates and clarifications.
The Economic Development Incentive Policy defines the conditions under which the City may approve economic development incentives as authorized under Texas Local Government Code, chapters 373, 378, and 380 and Texas Tax Code chapters 311 and 312. Specifically pursuant to Texas Tax Code chapter 312, Incentive Policy section III (subsections 1 and 2.1) of the Economic Development Incentive Policy serves as the City's adopted guidelines and criteria governing tax abatements. With City Council's authorization of the current Economic Development Incentive Policy scheduled to expire on December 31, 2024, the City Council is required to hold a public hearing and renew the adoption of the guidelines and criteria governing tax abatements for a new two-year period.
Additionally, following the August 1, 2024, dissolution of the City's Small Business Center (SBC) and realignment of certain SBC-related functions to the Office of Economic Development over the past four m...
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