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<br /> <br /> <br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Economic Development Authority 6.1 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessSeptember 19, 2016Amanda Othoudt, EDD <br />Item Description Reviewed by <br /> <br />Updated Tax Abatement Policy and Application Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Approve, by motion, the changes made to the EDA Tax Abatement Policy. <br /> <br />Background/Discussion <br /> <br />Staff has been working with our attorney, financial advisor, and the EDA Finance Committee over the <br />past several months to conduct an annual review of our financial incentive policies. <br /> <br />The EDA Finance Committee recommended the following changes to the Property Tax Abatement <br />Policy: <br /> <br />1.Subsidy and Reporting Requirements <br /> <br />2.Removed the requirement of a minimum assessment agreement - per attorney <br /> <br />3.Application fee increased to $10,000 <br /> <br />4.Added Reimbursement of Costs of Review <br /> <br />Financial Impact <br /> <br />None <br /> <br />Attachments <br /> <br /> <br /> <br />Property Tax Abatement Policy <br /> <br /> <br />