R2001-0067 05-14-01 RESOLUTION NO. R2001-67
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, ESTABLISHING A STANDARD POLICY REGARDING PAYMENT
IN LIEU OF TAX AGREEMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That certain corporations created forthe purpose of issuing tax exempt
bonds require the negotiation of a "payment in lieu of tax agreement" ("Pilot") between the
developer and affected taxing entities prior to bond issuance.
Section 2. That the City of Pearland desires to establish a standard policy for all
Pilot agreements negotiated in the future.
Section 3. That in order to maintain equity in relation to other tax paying citizens
and businesses, any negotiated Pilot agreement shall be structured to recover a payment
equaling 100% of the taxes that would have been collected if the property were taxed at
full market value.
PASSED,APPROVEDandADOPTEDthisthe 14 dayof May ,
A.D., 2001. ~_~p
TOM REID
MAYOR
ATTEST:
~Z;ITY SECRETARY--" ~
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY