Focus Area: Economy
Staff Contact: Chet Belcher, Kate Messer
________________________________________________________________________________
title:
title
Industrial Revenue Bond and Property Tax Abatement Policy Review
Body
________________________________________________________________________________
recommended motion:
Review the policy. Based on City Council direction, staff will prepare the policy for formal consideration at the next City Council meeting.
________________________________________________________________________________
Summary:
The City reviews its Industrial Revenue Bond (IRB) and Property Tax Abatement Policy on an annual basis. This review is to ensure that the policy keeps in line with City Council’s economic development goals as well as market trends. The Industrial Revenue Bond (IRB) and Property Tax Abatement Policy will expire at the end of the year without Council action.
Staff presented the proposed revisions to the Olathe Economic Development Council on November 3, a letter from the EDC in support of staff’s proposed changes is attached.
Proposed revisions are attached. Additions/revisions are shown in colored text.
________________________________________________________________________________
Financial Information:
None.
________________________________________________________________________________
Attachment(s):
A: Red Line Draft Policy F-5 Industrial Revenue Bond and Property Tax Abatement
B: Clean Draft Policy F-5 Industrial Revenue Bond and Property Tax Abatement
C: Olathe EDC Letter