From the Richmond Palladium-Item:
The Richmond Common Council on Monday will consider a change in its tax abatement standards to allow council to abate projects that retain and create office jobs.
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 member to abate real estate and most office equipment for projects that create office jobs.
“I think it’s something we need to consider,” said councilman Bruce Wissel, chairman of council’s tax abatement committee. “If we had an insurance company looking to relocate here and bring 150 jobs, then I think council would want to look seriously at that.”
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.
This ordinance would open it up for the entire city. Councilman Jack Elstro agreed with Wissel that the legislation is worth a serious look.
“It’s jobs and that’s what we need right now,” Elstro said. “I’d say we have to look at this. If we approve it we would still take our time on each (abatement) request, scrutinize them and make a decision from there.”
Council has one abatement request before it, from Finance Systems of Richmond, for 10 years on real estate for a $500,000 project that is expected to create 32 new jobs. That request would fall under the new abatement plan.
Wissel said council may table the Finance Systems’ request until it has researched and voted on the new tax abatement parameters. He said the tax abatement committee will discuss the new parameters and make a recommendation to the full council in the weeks ahead.
...
http://www.pal-item.com/apps/pbcs.dll/article?AID=2013311160014
