GOVERNOR ABBOTT SIGNS BILL ALLOWING PROPERTY TAX EXEMPTION

Bill exempts TexAmericas Center tenants from paying property taxes.

Texarkana, AR-TX, June 4, 2019 –Senate Bill 579, that passed the Texas Legislature on May 15th of this year, was signed in to law by Gov. Greg Abbott on Friday May 31, 2019. Senator Bryan Hughes authored the Senate Bill and Representative Gary VanDeaver sponsored the Senate Bill. The measure exempts businesses that lease property from TexAmericas Center from paying ad valorem taxes. The intent of the legislation is to make TexAmericas Center more competitive with the other redevelopment authorities in the State of Texas. The bill also allows TexAmericas Center to better compete for business attraction opportunities across the globe.

“What I am most excited about is the strength of our local partnerships,” said Boyd Sartin Chairman of TexAmericas Centers Board of Directors. “These community leaders decided it was time for bold change and they all worked together to make significant job creation at TexAmericas Center more possible in our future.”

Earlier this year TexAmericas Center submitted a request for a legislative change to the Texas State Legislature relating to an exemption of ad valorem, or real property, tax of property owned by TexAmericas Center. Tenants would be exempt from having to pay real estate property taxes when they lease land or buildings from TexAmericas Center.

The TexAmericas Center’s staff worked closely with the taxing entities that have jurisdiction over the property throughout the process. These governing bodies unanimously approved a resolution of support for TexAmericas Center’s legislative request. The support of Bowie County, Texarkana College and the five (5) ISD’s that are on TexAmericas Center’s footprint (Hooks, New Boston, Leary, Redwater & Maud) was a substantial factor to the bills advancing when presented to both legislative houses in Austin, TX.

The support of the Bowie County Commissioners Court was critical to obtaining local support. This body was the first entity outside of the TexAmericas Center Board of Director’s to acknowledge the need to level the playing field between TexAmericas Center and the other State of Texas Local Redevelopment Authorities. The support of Texarkana College followed as the Trustees recognized the need to offer property tax abatements to be competitive for job creation opportunities across state lines. TexAmericas Center staff worked closely with Bowie Central Appraisal District and local Superintendents and their staff to understand how the changes would impact their district.

“We have an amazing group of elected officials that truly care about the creation of quality jobs in our region and at TexAmericas Center.” said Scott Norton CEO of TexAmericas Center. “Change is hard, but our public officials and their staffs recognized the importance of developing tools that will lead to job creation for our citizens with the support and passage of this bill. I’m excited by all the positive changes taking place throughout the Texarkana region and this is just one additional asset we can offer a business looking to create quality jobs at TexAmericas Center.”

TexAmericas Center is working on finalizing a Payment in Lieu of Taxes (PILOT) program that will go along with this legislation. TexAmericas recently announced that it is finalizing wet utility upgrades that will bring about 2000 acres up to shovel-ready standard. The law will take effect on January 1, 2020.

About TexAmericas Center
Located in the Texarkana metropolitan area, TexAmericas Center owns and operates one of the largest mixed use industrial parks in the United States. With roughly 12,000 development ready acres of land and about 3 million square feet of commercial and industrial product, TexAmericas Center services the four states (Arkansas, Louisiana, Oklahoma, and Texas) markets. Texas is the #1 state for business in the United States of America because of its regulatory environment, tax policies, and workforce quality along with exceptional educational resources, infrastructure, and quality of living. Founded in 1997, TexAmericas Center has the operating capabilities of a municipality but functions more like a traditional real estate development company, offering customized real estate solutions. In addition to controlling our own zoning and permitting processes and sustaining the life cycle of public infrastructure on the complex, TAC has the capability to lease, build-to-suit, or facilitate Greenfield owner-constructed projects in a timely and efficient manner. At TAC, we streamline leasing and manage government development processes all through a single point of contact. Our customers benefit from faster market entry by resolving zoning, permitting, inspection, and state and local incentive programs solely through our organization. Additionally, the Texas Economic Development Council (TEDC) designated a 101 acre site on TexAmericas Center’s central campus as the first S.T.A.R. Site in Texas (Sites That Are Ready for construction to begin), advancing speed to market for our customers. Tenants of TexAmericas Center tend to be private business owners and corporations seeking flexible and cost effective space solutions.
If you would like more information about this topic or TexAmericas Center, please contact Eric Voyles at 903.223.9841 or via email