To

Mayor and Council

Subject

Enterprise Zone - Incentives

Initiator

Carmen Cavezza

Recommendation

Approve the attached Resolution granting Victory Crossing Apartments, L.P. tax \n \n exemptions, as allowed under the Enterprise Zone Ordinance(s) 98-30;00-106; and \n \n 01-29 for the project located at 3323 North Lumpkin Road and providing other \n \n financial incentives to include exemption of Building Permit Fees; Sign Permit \n \n Fees; Business License Administration Fees; Rezoning Fees; and Engineering \n \n Fees.

Approval

Approved

Background

City Council amended Ordinance 98-30, to provide that residential construction

shall be allowed as a qualified business enterprise as defined under the

Georgia Enterprise Zone Employment Act of 1997. Victory Crossing Apartments

L.P., meet the criteria established to be eligible for tax abatement and other

incentives as allowed.

Analysis

This project will infuse approximately $12.1 into the community. The value of

the development project to the economic health and well being of

Columbus/Muscogee County and its citizens. The Capital investment exceeds the

amount of ad valorum tax to be abated. The construction of the project will

promote jobs for low and moderate income persons.

Financial Considerations

The tax abatement and the forgiveness of fees is insignificant to the economic

impact to the community.

Projected Annual Fiscal Impact Statement

Legal Considerations

The tax abatement and the forgiveness of fees require council approval.

Recommendations/ Actions

Approve the attached Resolution.

No attachments for this document.