Laserfiche WebLink
,aatt Rood <br /> • <br /> tip Mammon Miouzutl of t1, Oittg of ftmdi <br /> Human Resources and Economic Development <br /> Committee <br /> The March 7, 1988 meeting of the Human Resources and <br /> Economic Development Committee was called to order at 5:20 <br /> p.m. by its Chairman, Councilman Steve Luecke in the Council <br /> Informal Meeting Room. <br /> Persons in attendance included Councilmen: Zakrzewski, <br /> Niezgodski, Slavinskas, Puzzello, Coleman, Duda, Soderberg, <br /> and Voorde; Sandy Combs, Jeff Gibney, Ann Kolata, Hedy <br /> Robinson, Max Moore, Jim Wensits, and Kathleen Cekanski- <br /> Farrand. <br /> Councilman Luecke noted that three of the four members of <br /> the Committee were present namely Councilman Slavinskas, <br /> Vice-Chairman, Councilman Coleman, himself as Chairman, and <br /> that Councilman Duda would be joining the meeting shortly. <br /> Councilman Luecke then introduced the two citizen members to <br /> the Committee namely: Sandy Combs and Jeff Gibney. <br /> Councilman Luecke noted that there were three items on the <br /> agenda to review namely tax abatement procedures, tax <br /> increment finance procedures, and the redevelopment <br /> authority. - <br /> Ann Kolata, acting Executive Director of the Department of <br /> Economic Development then gave a detailed presentation to <br /> the Committee on each of the three topics. She handed out a <br /> comprehensive paper addressing each of the topics (copy <br /> attached) . <br /> Mrs. Kolata's presentation began with a review of tax <br /> abatement procedures and she reviewed pages 1 through 19 of <br /> her handout. She noted that tax abatement primarily was an <br /> incentive for individuals to locate within the City rather <br /> than a financing mechanism. She traced the early history of <br /> tax abatement and noted that the redevelopment commission <br /> had the authority to grant five year abatements on land <br /> assessed valuation. Later in the later 1970's it was <br /> revised for a ten year tax abatement procedure with <br /> authority being shifted to the Common Council. The overall <br /> theory behind tax abatement was the definition of "blight" <br /> which was set forth in detail in the handout. Several <br /> changes in the State law continued from 1979 through the <br /> present. It was noted that currently there is a five year <br /> personal property tax abatement procedure on new <br /> manufacturing equipment and that State law currently allows <br /> for real property tax abatement for three, six, or ten <br /> I'll <br /> •0• ••••• ..0e446. •u.,∎.N•NO CO <br />