ITEM TITLE:
#24-17 - Amending Section 3.12.040 of the Valdez Municipal Code Establishing a Tax Exemption for Economic Development Property. Second Reading. Adoption. (Reconsideration Requested by Mayor Fleming)
SUBMITTED BY: Sheri Pierce, City Clerk/ Elise Sorum-Birk, Deputy Clerk/Jake Staser, City Attorney
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve Ordinance 24-17 in second reading for adoption.
SUMMARY STATEMENT:
This ordinance would establish an Economic Development Tax Exemption program for the following property types:
• New construction or major renovation (at least 25% increase in value of improvements) in the town center place type (10 years)
• Construction of new residential units in the new townsite neighborhood place type (3 years)
Exemptions would be based on the increase in assessed value directly attributable to the improvements.
Projects would need to have received a certificate of completion or certificate of occupancy to qualify and would need to meet application criteria to qualify.
Ordinance 24-27 is attached for review. State law requires notice that, if enacted, this ordinance may be repealed by voter referendum.
Ordinance 24-27 failed in first reading at the December 3, 2024 regular meeting. Mayor Fleming requested reconsideration at the December 17, 2024 regular meeting.