Categorized | Local News

Building Boom Generates Over $5-Million In Abatement Requests

Posted on 05 December 2017 by KWBG

BOONE, Iowa—The City of Boone has had a tax abatement program available for several years to help encourage additional development in the community.  The plan was adopted in 2011 and spells out what qualifies for the abatement and the particulars of applying for the program.  This year, the Council approved residential abatement’s of more than $5.1 million, driven by applications for 15 new homes and town homes.  A total of 42 applications were received for the residential program.

The council approved the commercial applications that amounted to $1.4 million for a half dozen projects, the largest being the $1 million Vet Clinic under construction at 2507 Eastgate Drive.  The City Council approved development agreements for projects like Boulder’s Inn and the Alice Housing Project are not included in the abatement program.

By comparison, the City Council approved residential abatement’s in 2016 of $1.2 million for 20 projects which included four (4) new single family homes.  In 2016, the Council approved three (3) commercial abatement’s of $165,000.

In 2015, residential abatement’s amounted to $1.8 million for 15 projects which included seven (7) new single family homes of town homes.  Commercial abatement’s for 2015 amounted to $2.9 million but included $2 million for KC Energy at 977 Quartz Avenue.  There were four (4) commercial projects in 2015.

Boone Mayor John Slight said on Tuned In Tuesday that the increase in the use of the abatement program is good to see.  He says he considers the use of the abatement program as a means to growth in the tax base.

 

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