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• F . <br /> Community and Economic Development Committee <br /> April 22, 2002 <br /> Page 4 <br /> Beitzinger on the Annual Tax Abatement Report (copy attached). Mr. Beitzinger noted that the <br /> 2001 Tax Abatement Annual Report is divided into five(5)parts: <br /> Part 1 Tax Revenue Impact Part 4 Tax Delinquencies <br /> Part 2 General Information Part 5 Approved Abatements During 2001 <br /> Part 3 Employment Impact <br /> He noted that he has met with the three (3) delinquent tax abatement owners. He noted that there <br /> has been a decline in abatement applications since 9/11. <br /> Council Member King inquired whether there is information sharing with other cities. <br /> Mr. Beitzinger stated that information sharing should be pursued since there is a wealth of <br /> information involved. <br /> Dr. Varner noted that there is much valuable information contained in the report, especially when <br /> you review the net amount of dollars added because of the developments receiving abatement. <br /> Council Member Pfeifer suggested that all petitioners should receive letters since they are"sharing <br /> in the success" of development utilizing tax abatement. She suggested that a letter of <br /> congratulations be sent. <br /> Council Member White noted that the general public still does not understand the development <br /> process and how tax abatement is used as a tool for such development. <br /> Council Member King noted that future committee meetings will address the new tax abatement <br /> ordinance. There is a lot of misunderstanding which is counter productive to economic <br /> development. The right forums to discuss tax abatement and development must be pursued. He <br /> noted that the level of understanding is going down and that the City needs to be more proactive. <br /> Council Member King concluded his remarks by noting that tax abatement can be a powerful <br /> development tool. <br /> Council Member Kirsits stated that other incentives may be better than tax abatement. He then <br /> asked for an update on Accuride. <br /> Mr. Beitzinger stated that they should be closed by July and that in February the Council acted on <br /> the rescinding resolution. He added that La-Z-Boy would not have renovated its building in the <br /> downtown without tax abatement, and that they did not have much control over there move from <br /> the area.. <br /> Council Member King thanked Mr. Beitzinger for his report. He then adjourned the Committee <br /> meeting at 5:12 p.m. <br /> Respectfully submitted, <br /> Council Member Karl King, Chairperson <br /> Community and Economic Development Committee <br /> KCF:kmf Attachments <br />