10-24-01 Community & Economic Development

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J r Community and Economic Development Committee October 24, 2001 Page 2 Council Member Kelly stated that there appears to be agreement that we use 3, 4, and 5 years as the base abatements. Mr. Hunt summarized that if this concept is used there is a significant statement being made. He noted that better accountability based on the suggested changes would be summarized as follows: Current abatement period: 3 years 6 years 10 years Proposed abatement(base periods): 3 years 4 years 5 years Discussion then took place on the role of public works incentives. Council Member King noted that the City of Indianapolis reviews projects which have public works incentives in light of possible tax abatement consideration so that there is a return;and it further requires a Memorandum of Understanding (MOU). Mr. Hunt noted that infra-structure investments are currently being considered and analyzed, for example: Public Investments Public Benefits of a Proposed Project All costs in which are of a public nature 150 jobs created in the 1st phase(ex) Land acquisition&tax abatement EDIT &COIT $$which would be generated Sales &Use taxes which would be generated At this point in the meeting there was a recess due to a weather emergency. Council Member Kelly resumed the discussion focusing on the proposed definitions. There was agreement that the definitions should not be overly broad and should not be so specific that the process would slow down even further because of the detail. Council Member Kelly requested Mr. Beitizinger to continue to work on the proposed draft so that discussion by the Committee could continue at the next meeting scheduled for Wednesday, November 7th at 3 p.m. Respectfully submitted, Council Member Roland Kelly, Chairperson Community and Economic Development Committee KCF:kmf Attachment