From the Richmond Palladium-Item:
Two of three tax abatement-related ordinances on the Richmond Common Council’s agenda Monday night were held for further review.
Council approved an ordinance that created a standard abatement deduction schedule to be used with future abatement agreements.
Tony Foster, director of the city's metropolitan development department, said the schedules were part of Indiana code until July 1, when the law was changed by the legislature. He recommended approval of the ordinance to give the city consistency in its use of abatement deduction schedules.
Council discussed but tabled an ordinance that would change its tax abatement standards to allow council to abate projects that retain and create office jobs. The ordinance was held to allow the council’s tax abatement committee to review it. The committee’s suggestions for revisions to the ordinance should be made at an upcoming council meeting.
In the past, council has allowed up to 10-year abatements on property taxes for real estate and equipment that produced manufacturing and warehousing jobs.
The change would allow members to abate real estate and most office equipment for projects that create office jobs.
Several years ago, council approved enabling legislation from the state of Indiana to offer abatements to projects creating office-type jobs but only in the downtown area. The new ordinance would open it for the entire city.
Council president Larry Parker said such an ordinance is overdue and important to bringing a variety of jobs to the city.
Council member Bruce Wissel, a member of council’s tax abatement committee, suggested the ordinance include criteria for office abatements such as minimum levels for pay and new hires and provisions for health insurance.
Because council tabled the tax abatement standards ordinance relating to offices, it also held the abatement request before it from Finance System of Richmond.
Finance System of Richmond has asked for 10 years on real estate for a $500,000 project that is expected to create 32 jobs.
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http://www.pal-item.com/apps/pbcs.dll/article?AID=2013311180030
