Laserfiche WebLink
to provide that property held by a political subdivision b <br />to <br />ur oses would periodof <br />and therefore tax-exempt for a maximum P rovidinq <br />for later resale for economic development p <br />a public purpose, the legislature revised the statuie, P <br />three years. In 1984, eriod of eight years in most situations the property <br />status for a p period in years if the property <br />tax-exempt" under <br />granting classified as "blighted land <br />an exemptionro°rams orlisited p <br />is held for housing programs err <br />state law. or other <br />rovi[es that the Property will be taxable if the Prof <br />ment purposes, and building and if <br />The acquired <br />law P acquisition of the property, <br />is acquired for economic develop or improvements <br />improvements are constructed after ce cor oration, or <br />the floor space of the buildings P <br />more than one-half of by a private indiviauPrivate individual, <br />available foriseleased to,se to or uoe otherwise used by, <br />other entity Y <br />corporation, or other entity. <br />e in economic development activities, as <br />The overall intent of the statute is to create an incentive for <br />the property back onto the tax rolls. <br />political subdivisions to engage process of <br />well as to promote moving ecognize that the p i or building <br />Unfortunately, it does not fully."growth, rehabilitat_ng, <br />developing industrial and economic <br />erid of time._ <br />housing may extend over a long p <br />The uncertainty caused by the vagents and <br />ue discprovourageon 5nCities from being <br />proper discourages orations, <br />leasing of one-half of the prop local development Corp <br />as much control as possible over tselective oascto the <br />active in establishing and maintaining <br />from retaining lanning process, and from being <br />development andment which may occur in the city. <br />type of develop property back on the tax rolls as <br />et gue provision <br />Cities Nave every incentive to g P ue recommends that the <br />soon as possible. Therefore, the of i <br />concerning one-half installation of improvements it on to 3 tax-exempt <br />at the <br />very least clarified, and thaw the eight -year limit on tax-exempt <br />status be removed. <br />snow.. ._..- LWVv ..+ 7 <br />The Small Cities CDBGcities <br />program viable communities <br />es <br />which encourages ciL•ies to develop <br />M) <br />