Denton Business Chronicle
ORINTH — City officials hope that tax abatements and other economic development incentives will increase the number of new businesses lured to Corinth. The city recently approved a resolution to adopt guidelines and criteria. Officials say that the abatements act as incentives to attract high-quality businesses by granting full or partial exemption from property taxes, and the policy must be approved every two years. Guy Brown, the Corinth Economic Development Corporation director, said there are no pending tax abatements, but he said he hopes to see that change next year. “We hope to use tax abatements and other incentives, including the city’s Economic Development Fund, to attract new business to Corinth during the next year,” he said. According to a city staff report, there is no immediate impact on city revenue, but the city could “receive significant financial benefits from projects performed under the policy.” When cities undertake tax abatement, the two primary things they look at are the length of the abatement and the percentage of tax that would be abated, Brown said.
ORINTH — City officials
hope that tax
abatements and other
economic development incentives
will increase the number of
new businesses lured to
Corinth.
The city recently approved a
resolution to adopt guidelines
and criteria. Officials say that
the abatements act as incentives
to attract high-quality businesses
by granting full or partial
exemption from property taxes,
and the policy must be
approved every two years.
Guy Brown, the Corinth
Economic Development
Corporation director, said there
are no pending tax abatements,
but he said he hopes to see that
change next year.
“We hope to use tax abatements
and other incentives,
including the city’s Economic
Development Fund, to attract
new business to Corinth during
the next year,” he said.
According to a city staff
report, there is no immediate
impact on city revenue, but the
city could “receive significant
financial benefits from projects
performed under the policy.”
When cities undertake tax
abatement, the two primary
things they look at are the
length of the abatement and the
percentage of tax that would be
abated, Brown said.
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24<br />
<strong>Denton</strong><br />
<strong>Business</strong><br />
hronicle<br />
Nov.<br />
2013<br />
KM
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