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Beaumont council approves targeted tax abatement to help redevelop downtown Gilbert Building
Summary
City council approved an empowerment-zone incentive package that would abate the city portion of property taxes on incremental value for improvements to the vacant Gilbert Building, with conditions and continued staff oversight while the building remains under a court-ordered restriction.
Beaumont City Council voted to approve an empowerment-zone tax-incentive package for a proposed redevelopment of the vacant Gilbert Building in downtown Beaumont, allowing the city to abate its portion of property taxes on the incremental value created by new investment for up to seven years.
The measure, discussed at length by council members and staff, is intended to make a private redevelopment project more financially attractive without the city paying direct cash. Councilwoman Sherwood said, “This is not use of taxpayer money,” and staff noted the program operates by deferring city tax revenue on the increase in assessed value rather than writing a check.
City staff described the empowerment-zone incentives as a toolbox of city-only options that may be awarded on a case-by-case basis in one of six designated zones. The incentives cited in the presentation include a city-only property tax abatement on the incremental value of improvements, waiver of…
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