What you need to know
At an Oct. 6 meeting, Missouri City City Council unanimously approved the second reading of an ordinance to update its economic development incentive programs by establishing criteria and a review process.
The ordinance, first approved at a Sept. 15 meeting, is intended to promote new development and redevelopment—targeted toward restaurants—to increase quality of life, according to agenda documents.
The changes first presented at a June 16 special City Council meeting aim to streamline the application process and remove the location restrictions with the goal of bringing investment into key city corridors, City Attorney E. Joyce Iyamu said.
Zooming in
The update separates the funds into two programs, with one for new developments and another for redevelopment within the city, Iyamu said.
The incentive program includes up to $200,000 in tax benefits for “high-value new businesses,” with all other new developments—such as upscale, dine-in restaurants—and redevelopment projects being eligible for up to $100,000, according to agenda documents.
- Be a for-profit business operating for at least six months within the Missouri City limits
- Meet minimum investment, design and sales tax thresholds
- Have no open code violations or delinquent taxes
- The owner or site must not have received city incentives in the past three years
- Improvements must follow city standards
- Projects over $100,000 must follow a public bid process
What else?
Applications for incentives must be submitted to the city for review, where they will be scored using a new matrix composed of 100 possible points, Iyamu said.
Participants must score at least 60 points for further consideration by the city’s economic development committee and City Council.
After approval, all projects must be completed and submitted for reimbursement within 18 months, according to agenda documents.
What’s next?
Applications for the program are set to open Nov. 1, Iyamu previously said.
