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File #: 3130-2018    Version: 1
Type: Ordinance Status: Passed
File created: 11/5/2018 In control: Economic Development & Small Business Committee
On agenda: 12/3/2018 Final action: 12/6/2018
Title: To authorize the appropriation of $166,541.00 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 2019 budget year; and to declare an emergency. ($166,541.00)
Attachments: 1. ORD3130-2018 2019 DAX string
Explanation
Background: The Department of Development uses user fees to fund the administration of the department’s tax incentive program. These fees are derived as follows: 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 charges a processing fee for residential projects; and lastly, a $250 pre-application/commitment fee is also collected.

The department is requesting that funds be appropriated for the 2019 fiscal year for the administration of the program. The appropriation is for personnel costs only.

Emergency action is requested so that funds can be established at the start of the 2018 budget year.

Fiscal Impact: This legislation appropriates $166,541 from the unappropriated balance of the Housing/Business Tax Incentives Fund (Fund 2229) for the 2019 budget year. The available cash balance of this fund is approximately $462,738.

Title
To authorize the appropriation of $166,541.00 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 2019 budget year; and to declare an emergency. ($166,541.00)

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 processing fee for residential projects and a $250 pre-application/commitment fee is also collected; and

WHEREAS, this legislation appropriates $166,541.00 from the unallocated balance of the Housi...

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