ITEM TITLE:
Work Session: Ordinance 24-17 Amending Section 3.12.040 of the Valdez Municipal Code Establishing a Tax Exemption for Economic Development Property
SUBMITTED BY: Elise Sorum-Birk, Deputy City Clerk
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
n/a
SUMMARY STATEMENT:
The goal of this work session is for the Council to have additional time for discussion of Ordinance 24-17 which 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 receive a certificate of completion or certificate of occupancy to qualify and would need to meet application criteria to qualify.
Ordinance 24-27 and supporting materials are attached for review.