Laserfiche WebLink
132 <br /> <br /> Mr. Caravati expressed concern about those situations where the assessment of <br />the property does not go up the same as the value of the work dove. <br /> <br /> Mr. Toscano agreed with Mr. Caravati, and said he feels that more work needs to <br />be done before such a program is adopted. Mr. Toscano said he agrees with the goat of <br />the tax abatement proposal, but it may be more effective to provide revolving bans, or <br />other incentives that have the least administrative cost. Mr. Toseano suggested that a <br />bank could administer a loan program and the City could make up the difference in <br />offering lower percent loans. <br /> <br /> Mr. Craig Brown, Deputy City Attorney, said that the City-may have no enabling <br />legislation for city-wide loans. <br /> <br /> Ms. Daugherty said she_thinks that having a tax abatement program would be a <br />selling point for the City's Housing Strategy. <br /> <br /> Ms. Richards said she would restrict such a program to s'mgle family home <br />ownership. <br /> <br /> Mr. Brown said there is a question about whether the tax abatement could end <br />when the property is sold, and said this needs to be researched further. <br /> <br /> Mr. Cox said he would tike to know more about what places such as Charleston, <br />South Carolina have done to improve their housing mock. <br /> <br /> Ms. Daugherty said she would like more information on what the cost would be to <br />the City for such a program and what other programs exist. <br /> <br /> Mr. Toscano suggested taking out the language in the draft ordinance that would <br />not allow demolition and rebuilding. <br /> <br /> Councilors suggested establishing a 10 year rebate, with the ordinance sunsetted <br />after five year in order to evaluate the program, requiring the improvement be 20% of the <br />value of the property, and-limiting the eligible improvements tothe primary s*a'ucture. <br /> <br /> Mr. Brown noted.that the rebate would have to go with the property if it remains <br />single family owner oect~ed. <br /> <br /> Mr. Cox said he would like to explore mechanisms that could be used to create <br />relief for neighborhoods being gentrified, where higher income housing is bei~ added <br />wlfich increases existing assessments. <br /> <br /> Ms. Linda Peacock, Assistant City Manager, explained that the City offers rent <br />and tax relief programs for the elderly and disabled which could' address Mr. Cox's <br />concern. <br /> <br /> Responding to a question from Mx. Cox, Mr. Brown said that the City has no <br />authority to adopt a tax abatement program to provide low income tax relief. <br /> <br /> The meeting was adjourned. <br />Presider ~'~ ~~6/~'~ <br /> <br /> <br />