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Beaumont council approves 7-year tax abatement for Gilbert Building under neighborhood empowerment zone
Summary
The City Council approved a 7-year, city-only property tax abatement for the redevelopment of the Gilbert Building at 330 Bowie St. Council and staff described the neighborhood empowerment zone program, eligibility rules and monitoring; councilmembers pressed for clarity about safeguards and potential revenue impacts.
Beaumont City Council voted to authorize the city manager to enter an agreement with Gilbert Building Partnership Limited for economic development incentives under the city's Neighborhood Empowerment Zone program for the property at 330 Bowie Street, approving a 7-year, 100% city-only property tax abatement for incremental value tied to an estimated $4'$6 million investment. The council approved the resolution after discussion about the program's history, scope and oversight.
The empowerment zone program, established by the city about 12 years ago, allows targeted local incentives for redevelopment in six defined areas, staff said. Assistant City Manager Boone explained that incentives available under the program can include a city-only property tax abatement on incremental value, waivers…
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