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RM 09-19-80
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RM 09-19-80
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South Bed Redevelopment Commission <br />Regular Meeting - September 19, 1980 <br />6. NEW BUSINESS <br />a. jax abatement report continued.... <br />The Redevetopment Comm.izzion hays <br />xamined the cost o6 the abatement and <br />tcov.ida the 6ottowing in4onmation: <br />A/s sumption: 121,700 - asz es/s ed va2uat i.on and <br />a tax hate o4 10.463 Jo& ten <br />Yews. <br />Without Abatement: $127,330 <br />With Abatement : $ 64,304 <br />Amount Abated : $ 63,026 <br />he Chair recognized Mr. Ron Jaicomo, <br />ttorney for Mr. Robert Hepler. <br />[r. Jaicomo: Thank you Mr. Chairman. <br />would like to make a couple of comments <br />ust to recap the sequence of events so that <br />'ou might understand what happened. Negotia- <br />ions began for the acquisition of this property <br />.n late 1978. At that time the abatement <br />tatute provided for five years of tax <br />batement. When the acquisition was completed <br />.n June, 1979, the legislature had enacted <br />. change in the tax abatement statute which <br />ctually increased the incentive to construct <br />n these types of lands. But the law did not <br />ecome effective until July 1, which was after <br />e had acquired the property. At the same time <br />t was retroactive to January 1, to the time <br />e acquired the property. We were caught <br />n the middle in terms of the dates. Mr. Hepler <br />ad just started his new business and needed a <br />lace to operate. He wanted to get construction <br />one prior to the time cold weather would set <br />n. Because of this and the fact that we were <br />omitted under our redevelopment agreement to <br />edevelop the property as soon as possible, <br />ithin a-six month period, construction began <br />mmediately. Shortly thereafter the Common <br />ouncil declared a moratorium on declaring areas <br />s Urban Development areas because it had to <br />stablish procedures. By the time those proced- <br />res were decided upon our construction had been <br />ompleted and we no longer complied with those <br />rocedures which required a petition prior to <br />he time we began our development. <br />
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