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Item No. 18 <br />memorandum <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Kent McIlyar, City Attorney <br />SUBJECT: Residential Tax Abatement Program- Update <br />DATE: January 7, 2014 <br />BACKGROUND: The City Council adopted a Residential Tax Abatement Program and <br />Reinvestment Zone on October 14, 2013. The Reinvestment Zone for residential tax abatements <br />included single family zoning in Council Districts 1 -5. Eligibility for tax abatement required <br />construction of a new single - family structure or an addition or renovation of an existing single - <br />family structure in a minimum amount of twenty percent (20 %) of the appraised value of the <br />existing structure. <br />STATUS OF ISSUE: The City has received eight applications for Residential Tax Abatement to <br />date, six of which were approved in 2014 and two new applications currently under review. All <br />eight applications were for new single - family houses, no renovations or additions. A table is <br />attached which shows the location of the new single - family home projects requesting tax <br />abatement by City Council District. <br />BUDGET: N/A <br />RECOMMENDATION: Provide direction to staff. <br />