Explanation
Background: The Department of Development uses user fees to fund the administration of the department’s tax incentive programs. Passage of Senate Bill 19 in 1994 provided for new fees for tax incentive projects to compensate for increased monitoring expenses. As such, the department charges a variety of fees (application fee, processing/administrative fee, annual monitoring fee, reporting late fee, and amendment fee) for its various tax incentive programs (Community Reinvestment Area, Enterprise Zone, Downtown Office Incentives, Job Creation Tax Credit, Job Growth Incentive, Property Assessed Clean Energy, and New Community Authority). The fee schedule was updated in early 2019 under ordinance 3221-2018.
The department is requesting that funds be appropriated for the 2023 fiscal year for the administration of the department’s tax incentive programs. The appropriation is for personnel costs only.
Emergency action is requested so that funds can be established at the start of the 2023 budget year.
Fiscal Impact: This legislation appropriates $275,292.00 from the unappropriated balance of the Housing/Business Tax Incentives Fund (Fund 2229) for the 2023 budget year. The available cash balance of this fund is approximately $275,292.00.
Title
To authorize the appropriation of $275,292.00 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 for the 2023 budget year; and to declare an emergency. ($275,292.00)
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 department charges a variety of fees for administration of its various tax incentive programs; and
WHEREAS, this legislation appropriates $275,292.00 from the unallocated balance of the Housing/Business Tax Incentives Fund for the administration of th...
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