Ordinance #35
AN ORDINANCE designating an Urban Revitalization District for Commercial Tax Abatement – Belmond NW District and adopting an urban revitalization tax abatement schedule for the district.
Be it Enacted by Board of Supervisors of Wright County, that:
Section 1. Urban Revitalization Area: The boundary of the Urban Revitalization Plan for commercial Tax Abatement – Belmond NW District is indicated on the attached map and includes within that boundary all commercially “C” assessed property by the Wright County Assessor that is also legally located according to the Wright County Zoning Ordinance.
Section 2. Commercial Urban Revitalization Plan: The Wright County Board of Supervisors have prepared an Urban Revitalization Plan for Commercial Tax Abatement – Belmond NW District prior to consideration of this Ordinance. This plan is available for inspection at the Office of County Auditor – Wright County Courthouse and is hereby attached by reference.
Section 3. Eligibility Requirements for Tax Abatement: Property that currently is, or will be after construction assessed as commercial “C” property is eligible to receive urban revitalization benefits under this plan. Qualified real estate is real property, other than land, which is located within the revitalization area and to which improvements have been added, during the time the area was so designated, which have increased the actual value by at least 10%. To be eligible commercial property must be legally located within the boundary as illustrated on the attached map and not be located within a FEMA flood hazard zone.
Section 4. Tax Abatement Schedule: The following tax abatement schedule shall be used:
Year 1 75% of Tax Value Abated
Year 2 50% of Tax Value Abated
Year 3 25% of Tax Value Abated
Year 4 Full Tax Value of Improvements are Collected
PASSED AND ADOPTED THIS 21st DAY OF NOVEMBER, 2005
Chairperson ______
Rodney Toftey
County Auditor ______
Betty Ellis