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Agenda Item # 12.a.
City Commission Regular Meeting
Meeting Date:
02/02/2015
Re
Resolution 15-R03 - Granting Ad-Valorem Tax Exemption for Improvements to 301 S. US Highway 1
Submitted For:
Rebecca Grohall

SUBJECT:

Resolution 15-R03 granting a Historic Preservation Tax Exemption for property located at 301 S. US Highway 1.

SUMMARY:

  • Pursuant to City Code Section 23-104, the property owner is requesting approval of a Historic Preservation Tax Exemption to apply to one hundred (100) per cent of the assessed value of all improvements to the eligible historic property. The exemption applies only to taxes levied by the city.
  • The exemption may be granted for a period of up to ten (10) years, with the effective date being October 1 of 2015. The city commission has the discretion to set a lesser term.
  • The property owners have completed the comprehensive rehabilitation of the structure, totaling an estimated $200,000-250,000. The renovations have facilitate the capacity to adaptively reuse the site for commercial offices, and currently has a tenant.
  • The current assessed value of the property and structure is $59,100. The approval of this ad-valorem tax exemption by the City Commission would lock in the City’s assessment of taxes at this assessment level for a period of up to ten years.

RECOMMENDATION:

Approval of a ten (10) year term

ALTERNATIVES:

  • Approval of a lesser term
  • Denial

RESPONSIBLE STAFF:

Kori Benton, Historic Preservation Officer

COORDINATED WITH:

None.

Fiscal Impact

Budgeted Y/N:
Fiscal Year:
Account:
Amount:

OTHER INFORMATION:

Potential waiver of increased revenue for the Fort Pierce Redevelopment Agency (FPRA).

Attachments

Form Review

Inbox Reviewed By Date
City Manager rgrohall 01/14/2015 12:50 PM
City Manager rbradshaw 01/27/2015 02:27 PM
Form Started By:
kbenton
Started On:
01/13/2015 09:17 AM
Final Approval Date:
01/27/2015