HomeMy WebLinkAboutA001 - Council Action Form dated May 26, 1998 ILQ
ITEM # 7
DATE 05/26/98
COUNCIL ACTION FORM
SUBJECT: ORDINANCE EXTENDING THE INDUSTRIAL TAX EXEMPTION
AVAILABILITY TO YEAR 2010.
BACKGROUND:
This is an extension of the five-year Industrial Property Tax Exemption Program adopted
by the City of Ames on July 1, 1985. The Iowa Code Section enabling the City of Ames
to utilize this exemption is 42713.1. The schedule is as follows: 75% - Year 1, 60% - Year
2, 45% - Year 3, 30% - Year 4, 15% - Year 5. The property owner must file an application
with the assessor by February 1 of the assessment year the value added is first assessed
for taxation. Uses that are qualified to use this program are new construction or
reconstruction approved by the Iowa Department of Economic Development, to industrial
real estate, research-service facilities, warehouses, and distribution centers and cattle
facilities.
Staff is recommending approval of the extension of this program.
ALTERNATIVES:
1. The City Council can pass an ordinance extending the Industrial Tax Exemption
availability until the year 2010.
2. The City Council can deny an ordinance extending the Industrial Tax Exemption
availability until the year 2010.
3. The City Council can direct staff to further review this action.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt Alternative #1.
This action will allow the Industrial Property Tax Exemption Program to continue until the
year 2010.
COUNCIL ACTION:
Attachment