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<br />Agenda Date Requested: Jan <br /> <br /> <br />FOR CITY COUNCIL AGENDA ITEM <br /> <br />Bud!!:et <br /> <br />Requested By: <br /> <br />Source of Funds: <br /> <br />Department: <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />x <br /> <br />Amount Budgeted: <br /> <br />Exhibits: Ordinance 2007- <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />Per the previous correspondence, the City's Guidelines and Criteria for Tax Abatement expire on <br />January 31, 2007. <br /> <br />The current guidelines were adopted on February 14,2005 and per the Tax Code (and the City's <br />Code), these guidelines sunset after a two year period. <br /> <br />During the time these guidelines were in effect the City has approved two tax abatement <br />agreements and a third application is expected. <br /> <br />If Council wishes to continue to offer tax abatements it is recommended that our current <br />guidelines be extended. If Council wishes to consider changes or amendments these could be <br />enacted by a % vote of Council while these guidelines are in effect. <br /> <br />As drafted the extension is for another two-year period (the maximum allowed) although it could <br />be for less. <br /> <br />Attached is a previous explanation of the key elements of the current guidelines. <br /> <br />Action Reauired bv Council: <br /> <br />Consider approval of Ordinance renewing the City's Guidelines and Criteria for tax abatements. <br /> <br /> <br />f; tlO? <br />ate <br />