Discussion and possible action to enter into a tax abatement agreement, pursuant to the county’s guidelines and criteria under the Property Redevelopment and Tax Abatement Act, Chapter 312 of the Texas tax code, as requested by Dos Caminos, LLC, for approximately $65,000,000 in improvements related to the treatment of natural gas for a ten year period and being a 100% tax abatement of ad valorem taxes (maintenance and operation only), with payments in lieu of taxes (PILOT payments) to be made annually to Webb County and any matters incident thereto; authorizing the County Judge to sign all relevant documents. The property subject to the abatement agreement is located on land owned by Callaghan Ranch, LTD within the Webb County Dos Caminos Reinvestment Zone.
Background:
The Commissioners Court has previously created a Reinvestment Zone to allow for a tax abatement.
Previous Court Action:
Fiscal Impact
Budget Account Number:
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Funding Source:
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Balance:
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Financial Impact:
Once placed into service Webb County will receive annual PILOT (payments in lieu of taxes) payments.