The City seeks to recruit new and retain existing unique, specialty retailers and restaurants that help to differentiate Carrollton from dining and entertainment venues in other communities within the Dallas Metroplex and to contribute to the City Council’s overall vision of enhancing quality of life for Carrollton’s residents. The proposed Specialty Retail & Restaurant Incentive Policy serves the community’s desires for attracting and retaining unique, quality retailers and restaurants that do not already have a strong presence in the marketplace.
Incentives are targeted to the following types of retailers and restaurants:
* In order to qualify for incentives, specialty retailers and/or restaurants are required to sign a minimum 5-year lease with the Developer/Shopping Center Owner, no matter which party is the applicant and potential recipient of the incentive. Based on the value of the incentive requested, the City may require the tenant to sign a lease for a period longer than five (5) years but not to exceed fifteen (15) years.
Any request for incentives shall be reviewed on a case-by-case basis by the City Council. Their decision shall be based upon an evaluation of the following criteria, which each applicant will address in narrative form when submitting an Application for Economic Development Incentives:
TYPES OF INCENTIVES
This incentive applies only to national and regional retailers and restaurants. The sales tax rebate would be paid in annual installments within ninety (90) days of the end of each twelve (12) calendar month period following the issuance of the certification of occupancy for the facility, or other commencement date if no certificate of occupancy is required. Any sales tax incentive would be limited to the extent that the City has received sales tax from taxable sales by the applicant. The City’s obligation to pay the sales tax rebate in the Agreement would additionally be conditioned upon the applicant requesting and providing sales tax documentation from the Office of the Comptroller of the State of Texas.
In the event that the applicant files an amended sales and use tax return or report with the State of Texas, or if additional sales and use tax is due or owing, as determined by the State of Texas, affecting sales tax receipts for a previous twelve (12) calendar month period, the City will be making adjustments accordingly. The City of Carrollton reserves the right to conduct an audit at any time of the applicant’s books, papers and reports, and to ensure compliance with the Incentive Agreement. Furthermore, in the event of termination of the Agreement, the City has the right to recapture any and all rebated taxes for the calendar year in which any default occurred.
The sales tax incentive will be conditioned upon:
SUMMARY OF INCENTIVES
The incentives provided under this policy are granted utilizing Chapter 380 of the Texas Local Government Code. It is the policy of the City of Carrollton to customize the provisions of economic development incentives on a case-by-case basis to result in a “Win/Win” agreement for the applicant and for the City of Carrollton taxpayers. This individualized design of a total incentive package is intended to allow maximum flexibility in addressing the unique concerns of each applicant while enabling the City to better respond to the changing needs of the community. The City Council reserves the right to make exceptions to this policy as deemed necessary. Furthermore, the City reserves the right to terminate any and all Incentive Agreements should the specialty retailer and/or restaurant cease operations at any time. All incentives are subject to availability of funding. Nothing herein shall imply or suggest a guarantee of approval of any incentive request.
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