Title
Presentation: Conceptual Economic Development Incentive Request for the John Knox Village Chapter 353 Redevelopment Plan; John Knox Village, applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by John Knox Village (“JKV” or “Developer”) to approve a Chapter 353 Plan to continue the tax abatement program that was approved by the City Council 10 years ago. The primary purpose of the tax abatement program is to provide financial assistance to JKV to achieve a “greenfield state” for those parcels that are being redeveloped.
Key Issues:
Evaluation of a request for incentives in the form of a continuation of the Chapter 353 Plan the following tax abatement program:
(1) 100% abatement for each redeveloped parcel for the first 10 years after redevelopment; and
(2) 50% abatement for the next 15 years, for a maximum duration of 25 years for each parcel.
JKV has experienced limited success with the 2015 Chapter 353 Plan, in that the total value of the reimbursement to date has been substantially less than the certified reimbursable project costs associated with demolition and clearing to achieve a greenfield state for each redeveloping parcel.
Background:
The City Council approved the John Knox Village Chapter 353 Redevelopment Plan.
Impact/Analysis:
The presentation slides contain information about the financial impact of the request.
Presenters
Anthony Columbatto, Chief Executive Officer and President
Steve Seggerman, Chief Financial Officer and Vice President Finance
Maria Timberlake, Vice President Senior Living
David Bushek, Chief Counsel of Economic Development & Planning