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Date
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November 9,
2009
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Agenda
Item No. 17 Roll
Call No. 09- Communication No.
09-767 Submitted
by: Larry Hulse, Community Development
Director |
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AGENDA
HEADING:
Approval
of one tax abatement application for 3614 Park Side Drive.
SYNOPSIS:
The
application for tax abatement for the property located at 3614 Park Side Drive
was received by City Staff on October 16, 2009.
The
application submitted to the Permit and Development Center has a date stamp
indicating that the application was filed with the City on May 4, 2007. There is no other record indicating it was
received by the City Staff and there is no record showing that the application
was processed, approved by City Council and sent on to the County Assessor for
final processing.
At this
time, the property owners are asking that the application for abatement be
approved by the City Council and ask the County to process the application as
soon as possible.
FISCAL
IMPACT:
Amount:
$135,000 in forthcoming taxable value.
Funding
Source: Some taxes will be generated in the first
year after improvements are made, but only from the land value. The improvement value will be forthcoming
when the $135,000 comes on the tax rolls after abatement ends.
ADDITIONAL
INFORMATION:
The
applicant chose Schedule 4B. Schedule
4B is for qualified real estate for the remainder of the City for a
period of five years. Qualified real estate assessed as residential
or commercial and consisting of three or more living quarters with at
least 75% of the space used residentially is eligible to receive an exemption
from taxation on the actual value added by improvements. The
exemption amount is 100% of the actual value added by the improvements.
PREVIOUS
COUNCIL ACTION(S):
Date: August
10, 2009
Roll
Call Number: 09-1434
Action:
Approving 87 Tax Abatement applications
for additional value added during 2009.
(Council Communication No.
09-545) Moved by Hensley to adopt. Motion Carried 7-0.
Date: March
9, 2009
Roll
Call Number: 09-376
Action:
Approving seven Tax Abatement applications
for additional value added by improvements made in 2008. (Council Communication
No. 09-131) Moved by Vlassis to adopt.
Motion Carried 7-0.
Date: February
23, 2009
Roll
Call Number: 09-278
Action:
Approving 392 Tax Abatement applications
for additional value added by improvements made in 2008. (Council Communication
No. 09-124) Moved by Hensley to
adopt. Motion carried 7-0.
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS:
The tax
abatement program on new improvements currently ends on December 31, 2011,
unless the City Council extends the program beyond that date. Any
application received by February 1, 2012 and approved by the City Council will
receive abatement for the number of years eligible and for which an application
was submitted. It is anticipated that there will be numerous submittals
of tax abatement applications on a yearly basis until the program ends.
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,