6.7. EDSR 01-20-2015 - Laserfiche WebLink

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Request for Action To Item Number Mayor and City Council 6.7 Agenda Section Meeting Date Prepared by General BusinessJanuary 20, 2015Jeremy Barnhart, Deputy Director, CODD Item Description Reviewed by Coin-Tainer request for reimbursement for tax abatement application fees Reviewed by Action Requested Consider the request to return the application deposit of $5,000. Background/Discussion Coin-Tainer completed an application for tax abatement in September, 2014. Included in that application was the required $5,000 deposit. As written in the application, the deposit is “used toward the cost of services provided in the evaluation of financial feasibility and preparation of legal documents and agreements. Projects that demand professional services in excess of the initial deposit shall be required to reimburse the City for the additional expenses.” In November, the applicant withdrew the application, as comments from the Finance Committee were construed to not be in support. Staff’s work on the Tax Abatement application ceased, with expenses totaling $3,568.50. These expenses included invoices received from Springsted and publishing costs already paid. Per the policy and written application, Coin-Tainer is eligible to receive $1,431.50 in unspent funds deposited. Coin-Tainer requests the full $5,000 because they feel that they would not have applied for tax abatement if they had been advised that the EDA would only consider abatement on the incremental value of the improvement, rather than the value of the entire property. The policy gives the EDA the flexibility to determine the appropriate abatement amount. Financial Impact $3,568.50 Attachments  None Template Updated 4/14