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Draft Chapter 100 cost‑benefit shows roughly $2.4M abatement and $788K in construction-sales exemptions; council asks for more vetting
Summary
A draft Chapter 100 cost‑benefit analysis for the proposed Wildwood Luxury Living project presented June 9 estimates about $2.4 million in property‑tax abatement value and roughly $788,000 in construction‑materials sales‑tax exemptions; council members asked staff to circulate the report to taxing districts and seek additional developer data.
At the June 9 work session, Shannon of the law firm Gilmore Bell presented a draft plan and cost‑benefit analysis prepared for a Chapter 100 request tied to a proposed multifamily/commercial project (referred to in materials as Wildwood Luxury Living). The presentation and subsequent council discussion focused on the expected value of tax abatements, how the abatement would affect city and taxing‑district revenues, and the next procedural steps.
The consultant’s draft summary modeled multiple scenarios and provided a numeric estimate for a requested abatement. Staff and the consultant said the…
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