Explanation
Background: The passage of Senate Bill 19 in 1994 provided for new fees for tax incentive projects to compensate for increased monitoring expenses. The City charges a one-time monitoring/processing fee of $2,500 for business projects and an annual administrative fee in effect through the duration of the tax-abated terms. The City also charges a $1,500 processing fee for residential projects. In addition, a $250 pre-application/commitment fee is also collected. These funds are being appropriated to provide funding for staff costs.
Fiscal Impact: This legislation appropriates $140,000 from the unallocated balance of the Housing/Business Tax Incentives Fund for the administration of this program. The cash balance of this fund is approximately $145,000. It is projected another $110,000 will be collected during the remainder of 2007.
Emergency action is requested so that expenditures related to the administration of the tax incentive projects can be charged accordingly.
Title
To authorize the appropriation of $140,000 from the unappropriated balance of the Housing/Business Tax Incentives Fund to the Department of Development to provide funds for the administration of tax incentive projects; and to declare an emergency. ($140,000.00)
Body
Whereas, the passage of Senate Bill 19 in 1994 provided for new fees for tax incentive projects to compensate for increased monitoring expenses; and
Whereas, the City charges a one-time monitoring/processing fee of $2,500 for business projects and an annual administrative fee in effect through the duration of the tax-abated terms; and
Whereas, the City also charges a $1,500 processing fee for residential projects. In addition, a $250 pre-application/commitment fee is also collected; and
Whereas, these funds are being appropriated to provide funding for staff costs; and
Whereas, this legislation appropriates $140,000 from the unallocated balance of the Housing/Business Tax Incentives...
Click here for full text