09 - Adoption of Guidelines and Criteria for the Residential Tax Abatement Agreement Program

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Item No. 9 al�" odl 1 TO: City Council Grayson Path, City Manager FROM: Stephanie H. Harris, City Attorney SUBJECT: Re -adoption of guidelines and criteria for residential tax abatement program building property DATE: April 12, 2021 BACKGROUND: On October 14, 2013, the City Council passed Ordinance No. 2013-036 creating Reinvestment Zone No. 2013-1 for residential tax abatements. This reinvestment zone included all areas inside Council districts 1-5. At the same time, Council adopted Resolution No. 2013-23, which adopted guidelines and criteria for such residential tax abatements. On February 9, 2015, Council passed Ordinance No. 2015-002 amending Reinvestment Zone 2013-1 to expand it to include all Council districts in the city and designated the new reinvestment zone as 2015-1. On April 22, 2019, Council approved Resolution No. 2019-013 readopting the guidelines and criteria for residential tax abatements. Council reauthorized Reinvestment Zone No. 2015-002, renaming it as Reinvestment Zone No. 2020-1. STATUS OF ISSUE: To be eligible to participate in a residential tax abatement program, the city must adopt guidelines and criterial every two years. The current guidelines and criteria expire on April 21, 2021. BUDGET: N/A RECOMMENDATION: Approve the resolution readopting criteria and guidelines for residential tax abatements.