RM 09-19-80 - Laserfiche WebLink

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South Bed Redevelopment Commission Regular Meeting - September 19, 1980 6. NEW BUSINESS a. jax abatement report continued.... The Redevetopment Comm.izzion hays xamined the cost o6 the abatement and tcov.ida the 6ottowing in4onmation: A/s sumption: 121,700 - asz es/s ed va2uat i.on and a tax hate o4 10.463 Jo& ten Yews. Without Abatement: $127,330 With Abatement : $ 64,304 Amount Abated : $ 63,026 he Chair recognized Mr. Ron Jaicomo, ttorney for Mr. Robert Hepler. [r. Jaicomo: Thank you Mr. Chairman. would like to make a couple of comments ust to recap the sequence of events so that 'ou might understand what happened. Negotia- ions began for the acquisition of this property .n late 1978. At that time the abatement tatute provided for five years of tax batement. When the acquisition was completed .n June, 1979, the legislature had enacted . change in the tax abatement statute which ctually increased the incentive to construct n these types of lands. But the law did not ecome effective until July 1, which was after e had acquired the property. At the same time t was retroactive to January 1, to the time e acquired the property. We were caught n the middle in terms of the dates. Mr. Hepler ad just started his new business and needed a lace to operate. He wanted to get construction one prior to the time cold weather would set n. Because of this and the fact that we were omitted under our redevelopment agreement to edevelop the property as soon as possible, ithin a-six month period, construction began mmediately. Shortly thereafter the Common ouncil declared a moratorium on declaring areas s Urban Development areas because it had to stablish procedures. By the time those proced- res were decided upon our construction had been ompleted and we no longer complied with those rocedures which required a petition prior to he time we began our development.