10 - Residential Tax Abatement Re-Adoption

Home Browse Search

No. 10 Memorandum TO: Mayor, Mayor Pro Tem & City Council FROM: Grayson Path, City Manager Rob Vine, Assistant City Manager Stephanie Harris, City Attorney Andrew Mack, Director of Planning and Community Development SUBJECT: Residential Tax Abatement Re -Adoption DATE: April 10, 2023 KRYWORTO-NMI 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 2013A 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. This was repeated in 2021 via Resolution 2021-012 on April 12, 2021. STATUS OF ISSUE: Resolution 2021-012 is set to expire on April 12, 2023. In order to make residential tax abatements available, we must have an approved program. Attached for your consideration is a renewal of the existing policy, as is, without edits, via Resolution. This would renew the program for another 2 years, making it available until April 10, 2025. There has been discussion with developers and internally as to the possibility of expanding the program to include multi -family. This can take any number of forms. The current policy is strictly single-family new and reconstruction. A question for the council — would you like to see an