Economic Development Summary

Entity Name: City of South Padre Island

Type of Entity: City

Most recently completed fiscal year for which data is available: FY2024 (10/01/2023 – 09/30/2024)

Number of tax abatements granted in the most recently completed fiscal year: No tax abatements were granted or active in FY2024. 

Total estimated taxes abated in year one of agreements: Not applicable as no tax abatement agreements were approved in FY2024.

Total estimated taxes abated in year 1 of the agreements expressed as a per capita amount: Not applicable as no tax abatement agreements were approved in FY2024.

Source and year for population figures used in per capita calculations: Not applicable as no tax abatement agreements were approved in FY2024.

Estimated taxes abated for life of agreements: Not applicable as no tax abatement agreements were approved in FY2024.

Number of jobs created/retained by agreements to date (up to last day of most recently completed fiscal year): Not applicable as no tax abatement agreements were approved in FY2024.

Total capital investment received for agreements to date (up to last day of most recently completed fiscal year): Not applicable as no tax abatement agreements were approved in FY2024.


Narrative of Economic Development Summary


The City of South Padre Island does, on a case-by-case basis, consider economic development incentives such as fast-tracked review and permitting process, City-initiated entitlements, performance-based grants, and tax abatement agreements as stimulus for development or redevelopment in South Padre Island. Financial incentive agreements, including Economic Development Agreements, Tax Abatement Agreements, and Chapter 380 Agreements are subject to approval by the City Council.

Chapter 312 of the Texas Tax Code authorizes Texas municipalities to offer tax abatement, reduction, or reimbursement incentives on new added value for a defined period of time. The City of South Padre Island had no tax abatement agreements approved or active in FY2024.

Chapter 380 of the Texas Local Government Code authorizes Texas municipalities to offer tax grants, performance grants or redevelopment grants to incent development and redevelopment. The City of South Padre Island had no active Chapter 380 agreements in FY2024.


Visualizations
Number of tax abatement granted for previous 5 fiscal years (no data available)
Amount of Taxes abatement in previous 5 fiscal years (no data available)


Documents
Tax Abatement Agreements (0)
Chapter 380 Agreements (0)


Downloadable Data
Tax Abatement Agreements (no data available)
Chapter 380 Agreements (no data available) 

Other Information
GASB Statement 77

Other economic development activity documents:

Economic Development Master Plan
Incentive Guidelines

Comptroller EDC Report search tool