09/17/2024 Meeting Minutes - Laserfiche WebLink

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income, home value, and monthly rental limits. The effective date of the bill is 2024. Taxpayers may have total household resources at or below $60,000.00 per taxable year, that's the limit. The home value and monthly rent limits, above which a taxpayer is ineligible for the credit, are currently established at a $48,300.00 home, and a monthly rent of $1,370.00. This will allow them to receive a tax credit on their income tax if their property taxes exceed a portion of their rent attributable to property taxes exceeds S% of their income. So they will be able to take the cap at $1,000 per year, and it does go up with inflation. So the State is recognizing this and is looking to have an impact as well. Of course, that comes at a disadvantage to communities because they're looking to fund it partially from the local government fund, which will then reduce our local government fund even further. So I ask Council to consider passing our tax rate resolution as it has been proposed; and we can look at it next year during this process, once some of these other things have come to a clearer conclusion. Or maybe they're not clearer, and then we will continue that rate, which is the rate that we've charged as our property tax rates for years, and that concludes my report. Council President Pro Tempore Glassburn: Moving into Council Committee reports. Councilman Limpert, Chairman of the Building, Zoning, and Development Committee, do you have a report this evening? Councilman Limpert: I do have a report, Mr. President Pro Tem. Thank you. The Building, Zoning, and Development Committee met on September 10, 2024 at 7:00 p.m. Present were all the Council, the Mayor, Law Director, Finance Director, HR Director, Economic Development Director, Safety Director, Service Director, Recreation Director, and guests. Discussed first was PDC case number 85-2024, Schmidt Warehouse. Mr. Upton noted that this was favorably recommended by the Planning Commission and consists of approximately 12,000 square foot industrial space for plumbing/skilled trade contractors. The plan was amended to ensure that the fencing requirements were in compliance with Chapter 1145. This is imagined to be the first phase of building with the potential to build a second building in the future and is not designed to be able to facilitate two lots by frontage and side yard requirements. No tax incentives are expected from this proposal. The Economic Development Director expects that there is no shortage of need for this type of industrial space in the area, and Mr. Schmidt, the owner, noted that he planned to start building immediately once approved. The motion to favorably recommend PDC case number 85-2024 passed by a vote of 3-0. Mr. President? Council President Pro Tempore Glassburn: Yes, Mr. Limpert. Councilman Limpert: At this time, I'd like to make a motion to approve PDC case number 85-2024 and ask for a second. 09-17-24 Council Meeting Minutes - Page 6