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Date
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February 23,
2009
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Agenda
Item No. 20 Roll
Call No. 09- Communication No.
09-125 Submitted
by: Larry Hulse, Community Development Director |
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AGENDA
HEADING:
Approval
of two (2) tax abatement application for improvements to property located at
SYNOPSIS:
Approval
of the application to apply prospectively as provided by Iowa Law for the
number of years remaining since the application was not timely filed within the
two year time period allowed to receive full abatement for the improvements.
FISCAL
IMPACT:
Amount:
N/A
Funding
Source: N/A
Taxes
are generated in the first year from the land value, but the improvement value
will be forth coming when the $81,302 comes on the tax rolls after abatement
ends.
ADDITIONAL
INFORMATION:
There is only a two-year grace period in which an applicant can file for tax abatement without losing time from the maximum time abatement is allowed. The applicants did not timely file the abatement applications until this year and therefore each can only receive abatement for the number of years remaining on the schedule chosen. Therefore, the applications should be approved only for the time remaining on their chosen abatement schedule.
PREVIOUS
COUNCIL ACTION(S):
Date: February
9, 2009
Roll
Call Number: 09-179
Action: Approving 183 Tax Abatement applications for the additional value added by improvements made during 2008. (Council Communication No. 09-052
) Moved by Vlassis to adopt. Motion Carried 7-0.BOARD/COMMISSION
ACTION(S): NONE