HomeMy WebLinkAbout[06b] Tax Abatement Disbursement: CobornsCITY OF ST. JOSEPH
ww v.cityofstioseph.com
DATE: December 11, 2013
MEMO TO: Economic Development Authority
Administrator
FROM: Cynthia Smith - Strack Municipal Development Group
Judy Weyrens
RE: Disbursement of Tax Abatement Payment: Coborns
Mayor
Rick Schultz
Background
The City entered into a tax abatement agreement with Coborns in 2009. The agreement calls
Councilors
for six annual payments in the amount of $50,000 payable from the City's portion of increased
Steve Frank
tax revenue generated by construction.
Bob Loso
Renee Symanietz
In accordance with the abatement agreement Finance Director Lori Bartlett is requesting
Dale Wick
disbursement approval of a payment in the amount of $ 50,000 for the abated taxes for 2013.
EDA The City's portion of taxes paid by the owners of subject parcels involved in the abatement
Doug Danielson agreement exceed the abatement payment by about $17,000 according to Bartlett.
Steve Frank
Larry Hosch Action:
Gary Osberg A MOTION to approve the disbursement request for Coborns in the amount of $50,000.00 is in
Dale Wick order.