8.a.
FPRA Regular Meeting Agenda
- Meeting Date:
- 04/17/2017
- Re
- Update on next Voluntary Cleanup Tax Credit Application
- Submitted For:
- Rebecca Grohall
SUBJECT:
Update on Voluntary Cleanup Tax Credit (VCTC) Application
SUMMARY:
Shortly before the end of the calendar year, Staff prepared and transmitted the next application for the Voluntary Cleanup Tax Credit (VCTC) program. The State has reviewed our application and found it complete, however, at this time there are not any funds available to issue us a Certificate. As funds will become available, the State will issue tax credits to us. When tax certificates are issued, a Resolution will be placed on a future agenda approving them for sale. In past years, the city has received $0.88 per dollar, so a $500,000 tax certificate may yield $440,000 which can be utilized to repay the revolving loan and any other related mitigation costs.
RECOMMENDATION:
This item is presented as an update; no action is necessary to be taken
ALTERNATIVES:
This item is presented as an update; no action is necessary to be taken
RESPONSIBLE STAFF:
Rebecca Grohall, AICP
COORDINATED WITH:
Nicholas Mimms, PE, City Manager
Jack Andrews, PE, Engineering Director
Jack Andrews, PE, Engineering Director
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2017
OTHER INFORMATION:
A tax certficate will be issued when funds become available