HomeMy WebLinkAboutSummary Form FR/SRDate: 12/15/2006
AGENDA ITEM SUMMARY FORM
FILE ID: 0 6- d a 0 3
Requesting Department: Economic Development
Commission Meeting Date: 1/11/2007 District Impacted: Citywide
Type: D Resolution ® Ordinance ❑ Emergency Ordinance ❑ Discussion Item
D Other
Subject: Amendment to the Tax Abatement Ordinance Chapter 56, Article V, Section 56-111
Purpose of Item:
The City of Miami Economic Development Department wishes to amend Chapter 56, Article V,
Section 56-111 entitled "Taxation/Ad Valorem Tax Exemption for Enterprise Zone Businesses" to
streamline the application and approval process for tax exemption applications. The Department has
worked diligently, with the input of Miami -Dade County, for the past few months to review the
ordinance in detail and develop the necessary changes. We are proposing the pending abatements
owed to applicants be paid forward as a credit toward their future taxes, until paid in full.
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Background Information:
Due to the importance of this program to stimulate economic development by alleviating conditions
of unemployment and economic disinvestment in the Enterprise Zone, processing tax abatement
applications correctly and in a timely manner is paramount. Effectively following up with applicants
and reducing the turnaround time between the entities involved in the process will ensure the success
of the program. These applications are essential toward providing the opportunity for new and
expanding businesses to receive sustainable tax relief and encourage the creation of new jobs in the
City of Miami. For more details about this ordinance amendment, please refer to the attachment.
Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purcha 'n / Dept. Director
Chief �_/ • City Manager
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