More tax incentive for developers
l3wis I guess if you have a lot of money, you get all the price breaks. According to the City in this informational presentation (PDF DOC: Tax Reduction Program – Informational Jan. 8.pdf;
Reduced Property Taxation
Any person desiring to claim reduced taxation on new construction shall make application to the Planning and Development Services Department on or before October 1 in the year in which the project is completed and shall first appear on the tax rolls as a completed or modified structure. The application shall be submitted on a form prescribed by the city. Upon Planning and Development Services’ approval of the application, the staff shall notify the applicant within 30 days stating whether the facility is eligible to receive reduced taxation.
Since 2008 the City has reduced approximately $14 million in property taxes. Seems strange when we are trying to find money for new infrastructure, like a sewer plant, we would be allowing these many cuts.
One of the arguments for these cuts is that the businesses will create jobs;
Review the requirements for projects to receive incentive:
â—¦ Job creation
â—¦ Types of jobs
â—¦ Increase in Tax base
Do we really believe with the wages these places are paying they will make up the $14 million in unpaid taxes? I think a requirement that should be under review is if these properties are paying living wages. Otherwise it is no different then TIFs, just another corporate welfare program.
