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| COUNCIL ACTION: Approved on 2/21/2017 |
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| DATE: |
2/21/2017 |
REFERENCE NO.: |
G-18951 |
LOG NAME: |
0616 PARTIAL 2ND QUARTER |
| CODE: |
G |
TYPE: |
NON-CONSENT |
PUBLIC HEARING: |
NO |
| SUBJECT: |
Approve Applications for Partial Approval of the Historic Site Tax Exemption for 1701 Fairmount Avenue, 100 Bryan Avenue, 1914 6th Avenue, 1512 Hurley Avenue, 104 East Exchange Avenue, 2408 North Main Street, 2404 North Main Street, 101 West Exchange Avenue, 115 West Exchange Avenue, 124 West Exchange Avenue, 2520 Rodeo Plaza, 100 East Exchange Avenue, and 1709 South Adams Street (COUNCIL DISTRICTS 2 and 9) |
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| RECOMMENDATION: |
It is recommended that the City Council approve the applications from multiple property owners for partial approval of the Historic Site Tax Exemption for 1701 Fairmount Avenue, 100 Bryan Avenue, 1914 6th Avenue, 1512 Hurley Avenue, 104 East Exchange Avenue, 2408 North Main Street, 2404 North Main Street, 101 West Exchange Avenue, 115 West Exchange Avenue, 124 West Exchange Avenue, 2520 Rodeo Plaza, 100 East Exchange Avenue, and 1709 South Adams Street. |
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| DISCUSSION: |
The owners of the properties have applied for partial exemption from City taxes. The Historic and Cultural Landmarks Commission (HCLC) approved both the applications for partial tax exemption and the Certificates of Appropriateness, where applicable, for the rehabilitation of these properties at public hearings. Location | Historic Designation | Council District | Owners | | 1701 Fairmount Ave. | Historic & Cultural Landmark (HC) | 9 | Stan Tucker | | 100 Bryan Ave. | Historic & Cultural Landmark (HC) | 9 | Lori P. Henderson | | 1914 6th Ave. | Historic & Cultural Landmark (HC) | 9 | Brett & Kara Phillips | | 1512 Hurley Ave. | Historic & Cultural Landmark (HC) | 9 | Firelight Holdings LLC | | 104 East Exchange Ave. | Historic & Cultural Landmark (HC) | 2 | Murrin Brothers 1885 LTD ETAL | | 2408 North Main Street | Historic & Cultural Landmark (HC) | 2 | Stockyards Lodge Trust | | 2404 North Main Street | Historic & Cultural Landmark (HC) | 2 | Stockyards Properties Inc. | | 101 West Exchange Ave. | Historic & Cultural Landmark (HC) | 2 | Murrin Brothers 1885 LTD | | 115 West Exchange Ave. | Historic & Cultural Landmark (HC) | 2 | Stockyards Properties Inc. | | 124 West Exchange Ave. | Historic & Cultural Landmark (HC) | 2 | Stockyards Properties Inc. | | 2520 Rodeo Plaza | Historic & Cultural Landmark (HC) | 2 | Stockyards 2000 LP | | 100 East Exchange Ave. | Historic & Cultural Landmark (HC) | 2 | Stephen Murrin Jr. Grandchildren's Trust | | 1709 South Adams Street | Historic & Cultural Landmark (HC) | 9 | Tarrant Properties Inc. |
The owners intend to complete substantial rehabilitation of the designated buildings. They will be eligible for the partial tax exemption if the work is:
* Completed in compliance with rehabilitation standards; and
* The rehabilitation costs equal or exceed the required expenditure of 30 percent of the assessed value of the improvements or $3,000.00, whichever is greater.
Following the rehabilitation of the properties listed, tax exemption applications will be returned to the City Council for verification of completion of the project. If the City Council verifies tax exemptions for the Historic and Cultural Landmark properties, the assessed values of the improvements and the land will be frozen for a 10-year period at the pre-renovation values listed below:
Property Address | Taxing Year Value | Land Value | Improvement Value | Required 30 Percent Expenditure | Proposed Expenditure | HCLC Review | | 1701 Fairmount Ave | 2015 | $ 37,000.00 | $ 33,600.00 | $ 10,080.00 | $150,000.00 | April 11, 2016 | | 100 Bryan Ave | 2015 | $ 36,984.00 | $ 56,925.00 | $ 17,078.00 | $ 57,945.00 | April 11, 2016 | | 1914 6th Ave | 2015/2016 | $ 50,000.00 | $141,590.00 | $ 42,477.00 | $100,000.00 | April 11, 2016 | | 1512 Hurley Ave | 2015 | $ 50,000.00 | $ 91,900.00 | $ 27,570.00 | $110,000.00 | May 9, 2016 | | 104 East Exchange Ave | 2015 | $ 38,250.00 | $381,350.00 | $114,405.00 | $114,500.00 | May 9, 2016 | | 2408 North Main St. | 2015 | $ 94,500.00 | $ 79,800.00 | $ 23,940.00 | $500,000.00 | May 9, 2016 | | 2404 North Main St. | 2015 | $ 37,800.00 | $166,354.00 | $ 49,906.00 | $500,000.00 | May 9, 2016 | | 101 West Exchange Ave. | 2015 | $ 62,400.00 | $315,784.00 | $ 94,735.00 | $ 95,000.00 | May 9, 2016 | | 115 West Exchange Ave. | 2015 | $141,592.00 | $117,608.00 | $ 35,282.00 | $ 36,000.00 | May 9, 2016 | | 124 West Exchange Ave. | 2015 | $ 43,200.00 | $182,966.00 | $ 54,889.00 | $ 55,000.00 | May 9, 2016 | | 2520 Rodeo Plaza | 2015 | $441,384.00 | $774,452.00 | $232,358.00 | $250,000.00 | May 9, 2016 | | 100 East Exchange Ave. | 2015 | $ 54,000.00 | $462,371.00 | $138,711.00 | $139,000.00 | June 13, 3016 | 1709 South Adams St. | 2015 | $ 30,000.00 | $ 64,148.00 | $ 19,244.00 | $ 18,250.00 | June 13, 2016 |
These properties are located in COUNCIL DISTRCTS 2 and 9, Mapsco 62G, 76L, 76R, 77E and 77G. This M&C does not request approval of a contract with a business entity.
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| FISCAL INFORMATION/CERTIFICATION: |
The Director of Finance certifies that approval of the above recommendation will have no material effect on the Fiscal Year 2017 Budget. While no current year impact is anticipated from this action, upon approval reduced revenue will be included in the long term forecast associated with years 2018-2022.
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| Submitted for City Manager's Office by: |
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