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 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 $104,000 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 $104,000. Revenues in 2008 are projected to be $120,000.
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 $104,000 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. ($104,000)
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 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 $104,000 from the unallocated balance of the Housing/Business Tax Incentives Fund for the administration of this program; and
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