§ 3.24.030. City stimulus II/abatement plan.

A.

72-Month Tax Abatement. Seventy-two-month tax abatement on improvements, remodeling, and new construction to be extended to the downtown business district.

1.

Traditional Downtown.

a.

North Getty Street (first three blocks).

b.

South Getty Street (first three blocks).

c.

East North Street (first block).

d.

West Nopal Street (first block).

e.

All four corners of the town square.

2.

West End Downtown.

a.

North Grove Street (first block).

b.

South Grove Street (first block).

c.

Main Street (first block east).

d.

Main Street (first block west).

B.

36-Month Tax Abatement. Thirty-six-month tax abatement to be extended to inventory and equipment purchased during this period in the designated area described above.

C.

Creation of Downtown Director and Board. Downtown director and board to be created by the city manager to work with property owners and the city to complete the abatement process in a manner to better meet overall goals of the downtown area specified above.

D.

No Cap on the Amount of Abatement Available. No cap on the amount of abatement available during the designated period for 72 months and 36 months as stated above.

E.

Abatement Specific Downtown for Large Renovations.

1.

Twenty years general tax abatement for all renovation equal to or greater than $50.00 a square foot with no cap on the amount of abatement available.

2.

Ten years personal property abatement to be extended to inventory and equipment purchased during this period at said property.

3.

The abatement to begin upon the commencement of renovation.

4.

Personal property abatement to apply only after the general abatement requirements have been fulfilled (the $50.00 a square foot minimum annual renovation referred to in subsection 1.)

5.

Any renovation less than $50.00 a square foot or personal property purchased for the use previously described not meeting said requirement will revert back to original abatement.

F.

Implementation in the City Stimulus II Abatement Plan.

1.

The city manager or city manager's designee shall determine and distribute application requirements, policies, and procedures, that can amended throughout the term of this section, to determine the eligibility of any applicant for tax abatement ("applicant").

2.

Application requirements shall include, but shall not be limited to, no payment of the application fee is required throughout the term of this section, a financial impact analysis, and other matters necessary for tax abatement consideration by the city council.

3.

The city manager or the city manager's designee shall be entitled to request evidence, at any time, that the applicant has complied with the application for tax abatement and other information necessary to determine the validity of a tax abatement granted by the city and that the tax abatement should continue.

4.

The city and applicant must execute a tax abatement agreement approved by the city council prior to the grant of a tax abatement.

5.

In the event of a default under a tax abatement agreement, the city shall be entitled to exercise all rights and privileges provided under law and equity to terminate the tax abatement and to recoup tax previously abated by the city.

6.

This section is not a contract or obligation on the city to grant tax abatement, but allows the city to grant a tax abatement based on criteria established in this section, the application requirements, policies, and procedures promulgated by the city manager or the city manager's designee, and a tax abatement agreement approved by the city council on a case by case basis.

G.

1.

In accordance with state law, these guidelines are effective for two years from the date adopted by the city council, but may be renewed, amended or repealed by a vote of three-fourths of the city council.

2.

Any property tax abatements granted under the provisions of this section shall be permitted to continue according to the abatement schedule, even if this section expires or is repealed.

(Ord. No. 2009-20, §§ 2—5, 9-8-2009)