Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Resolution No. 25-1099 adopting the Industrial Revenue and Tax Abatement (IRB) Policy.
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title:
title
Consideration of Resolution No. 25-1099 adopting the Industrial Revenue and Tax Abatement (IRB) Policy.
Body
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Summary:
The City reviews its Benefit District Policy on a biannual basis. This review is made to ensure that the policies keep in line with the City Council’s economic development goals as well as market trends. The policy will expire at the end of the year without Council action.
The proposed policy is attached. Additions/revisions are shown in colored text.
Review of these policies and revisions were presented to Council on October 21st.
On November 4th, City staff attended the regular meeting of the Olathe Economic Development Council (EDC). Staff gave a presentation over the proposed changes and current policy.
A high-level review of proposed changes include:
• Updated abatement provisions for targeted development area.
o Allow an additional abatement of up to 30%, for a maximum of 80% of eligible mills.
o Applies to warehouse, distribution, logistics, manufacturing, and data center projects.
o Geographic boundary limited to Exhibit B remains unchanged.
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Financial Impact:
None.
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Action Needed:
Approve Resolution No. 25-1099
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Attachment(s):
A. Resolution No. 25-1099
B. Resolution No. 25-1099 Redline