HomeMy WebLinkAbout[06b] Abatement Disbursement '! CITY OF ST. JOSEPH
www.cityofstjoseph.com
DATE: December 10, 2014
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 for
Councilors six annual payments in the amount of$50,000 payable from the City's portion of increased tax
Steve Frank 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$13,000 according to Bartlett.
Steve Frank
Larry Bosch Action:
Gary Osberg A MOTION to approve the disbursement request for Coborns in the amount of$50,000.00 is in
Dale Wick order.
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