Title
A RESOLUTION AUTHORIZING AN AMENDMENT TO THE COMMUNITY REINVESTMENT AREA AGREEMENT FOR REAL PROPERTY TAX EXEMPTION FOR FACE-OFF LLC TO REVISE THE TERM OF THE EXEMPTION; AND DECLARING AN EMERGENCY.
Executive Summary: This amendment is required because the construction covered by this agreement was delayed and is necessary to ensure that the company receives the full benefit outlined in the original Community Reinvestment Area Agreement (CRA).
Body
Legislative History
Resolution 10-99 approved on August 10, 2010
Purpose & Explanation
This amendment will allow for changing the language in the original CRA, item 4 to read: The exemption commences the first year for which the real property would first be taxable were that property not exempted from taxation. No exemption shall commence after tax year 2012 (not due and payable until year 2013) nor extend beyond tax year (2027) (not due and payable until year 2028).
Timing Considerations
None
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends approval of this resolution.
Submitted by,
Charles E. Wiedie, Economic Development Director