No one from the public spoke during a public hearing about creating a tax reinvestment zone during Monday’s Snyder City Council meeting.
Creating the zone will allow the city to offer a tax abatement for a proposed apartment complex on the drawing board for north of the Scurry County Library. The council then voted to create the reinvestment zone, which is located along Ave. T between 21st and 22nd streets, for Llano Escondido, LLC.
The next step in the process will be for the council to vote on the tax abatement agreement, which will likely happen during one of the council’s August meetings.
The council acknowledged the city’s receipt of an annexation request for 10.281 acres from Bill Smyrl K-Son, Inc.
The property is located south of Snyder’s city limits — near Hwy. 350 -— where Smyrl plans to develop an apartment complex. The request also asks for the city to install utilities to the parcel. According to the request, annexing the tract will not provide the city with an increased tax base.
The council discussed proposed Chapter 380 incentives that would refund a portion of a businesses’ sales taxes.
The amount would vary based on the business’ investment in one of six designated zones.
According to Develop Corporation of Snyder board president Bill Robertson, the goal is to provide an incentive for business investment and expansion in parts of Snyder that businesses normally overlook.
The council approved the Snyder Chamber of Commerce’s quarterly reports for the first two quarters of 2020 and the city’s May financial report.
The council also approved a $1 million bid for water and sewer line improvements. The winning bid was the lowest of two.