RM 10-05-79 - Laserfiche WebLink

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South Benq Redevelopment Commission Regular M eting - October 5, 1979 6. NEW BUSINESS h. continued...... Ms. Auburn: I think that I would appreciate something like that. I certainly don't want you to take my remarks as being against tax abatement. I do feel some responsibility for making a decision that is going to have a ten y ar impact on taxes, so I think formalized p ocedures might help. Mr. Szarwark: Part of the problem is that the City Council really has not developed a very definite structure for considering tax abatement requests. For example, it is my understanding that some cities have specifically established a process and have had the duty of recommendation to establish its own procedures by which that investigation and recommendation would be made. It is a little new, and that is why the City has not gone in that direction. I think that the least expensive think to the entire City and to the entire community is to encourage private funds to go in there now; do something.with the property, beautify it and also create jobs. That is why we are asking you to recommend to the City th t this abatement be granted. Mr. Butler: Mr. Szarwark, does the formula for tax abatement result in basically one half of the tax liability over the ten year period? Payment of one half of the liability? Mr. Szarwark: It is a little more complicated th n that but I would say it is probably around 50. Mr. Butler: Secondly, with respect to timing, by what time does the abatement resolution have to be adopted in order for a developer to take advantage by application? By what time must the resolution itself be adopted inorder for you to take advantage of the abatement incentive? Mr. Szarwark: That is somewhat nebulous in the statute, but it appears that you have to get the abatement before you begin the improvement of the pr perty. I am obviously going to try to obtain so a more information on it to make sure that is t6 e. -14-