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Northlake council approves tax-abatement amendment and Chapter 380 deal to pursue MP Materials plant
Summary
On Jan. 22 the Northlake Town Council unanimously approved amending TIRZ No. 2 to allow a 50% tax abatement for up to 10 years and authorized a Chapter 380 economic development agreement to pursue a proposed MP Materials rare-earth manufacturing facility, town staff said.
NORTHLAKE — The Northlake Town Council voted unanimously Jan. 22 to amend the town’s Tax Increment Reinvestment Zone (TIRZ) No. 2 to allow a 50% tax abatement for a period of 10 years and to execute a Chapter 380 economic development agreement aimed at attracting a proposed MP Materials manufacturing facility, town staff said.
Town staff told the council the amendment would permit a tax abatement limited to roughly 120 acres within the existing TIRZ and that, if the company meets investment and job benchmarks, the proposed abatement would be 50% of real and tangible personal property taxes for 10 years beginning in tax year 2031. "The proposed tax abatement is a 50% abatement of real intangible personal property for a period of 10 years," a town presenter stated during the council presentation.
Why it matters: Staff said MP 10X Development (part of MP Materials) is under consideration for a large rare-earth materials and magnets manufacturing site. The presenter said the company has proposed more than $1 billion in…
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