Several items in regards to a planned Samsung Austin Semiconductor plant in Taylor will be discussed at City Hall Thursday.
On July 14, the Taylor City Council will hold a public hearing and introduce an ordinance to amend and expand the boundaries of Tax Increment Reinvestent Zone No. Two. The ordinance will be considered in a special called council meeting immediately following Thursday’s regular scheduled meeting.
According to city staff, Samsung has submitted a request to amend the boundaries of the existing reinvestment zone to incorporate more properties purchased after the original ordinance waspassed in September 2021. Expansion would mean the project and financing plan will have to be amended to reflect the increase in boundaries and taxable value of the real properties. The collection of the tax increment on the new area would be automatic. A future tax increment finance (TIF) board meeting would also be needed.
The amended zone would not extend current tax abatements to new properties but would make them eligible for abatements. Samsung would need to request extending abatements to the new land if desired.
In related business, the council will discuss, consider and possibly take action on authorizing the mayor to enter into agreements with Samsung Austin Semiconductor. Agreements and amendments in question would be a Chapter 380 economic development incentive agreement, first amendment to Tax Increment Reinvestment Zone No. Two economic development agreement, first amendment to the development agreement, and first amendment to a development review reimbursement agreement.
The Chapter 380 agreement is to allow incentive payments from use tax generated by Samsung on their properties. A project donation agreement with Samsung would donate and escrow all costs associated with the installation of water and sewer utilities to their site.
In other business related and unrelated to Samsung, the council is scheduled to:
• discuss, consider and take appropriate action to authorize an economic development performance agreement between the Taylor Economic Development Corporation and Samsung Austin Semiconductor, LLC;
• issued a proclamation for Parks and Recreation Month;
• introduce an ordinance amending the 2022 fiscal year budget;
• consider authorizing an award of contract for the North Pump Station improvements;
• introduce a preliminary budget for the 2023 fiscal year; and
• enter executive session on Samsung agreements and Project Clean.
The council meeting is at 6 p.m. at City Hall, 400 Porter St., in the council chamber. Those wishing to address the council have a three-minute limit and must sign up by 5:45 p.m.
For more information and explanation via the agenda packets for Thursday's meetings, view or download here and here from the city's website at http://www.taylortx.gov/archive.aspx. To view Thursday's meeting live or on demand the day afterward, visit http://www.taylortx.gov/660/taylor-videos.
