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Council approves restated Marjak agreement to satisfy revenue commissioner
Summary
The council approved an amended and restated agreement for Marjak that restates earlier tax-abatement terms using language preferred by the revenue commissioner under the Tax Incentive Reform Act of 1992.
The Jasper City Council voted May 6 to allow the mayor to sign an amended and restated economic development agreement with Marjak to support the company’s previously approved tax abatement.
Attorney Russ Robertson told the council the new document is intended to align the existing agreement with the language the revenue commissioner prefers under the Tax Incentive Reform Act of 1992. “I have prepared an amended and restated agreement that contains the language that is preferred by the revenue commissioner,” Robertson said, and he said the restatement “merely relates back to the agreement from December of 2022” without changing the benefit.
Robertson said the change does not alter the economic benefit previously agreed by the council for Marjak’s roughly $47 million improvement; instead, it reframes the paperwork to comply with the revenue commissioner’s statutory reading. Council members moved, seconded and approved the mayor’s authorization to sign the addendum.
The action was procedural: the council approved execution of the restated agreement to facilitate Marjak’s application for property tax abatement through the revenue commissioner. Robertson said the substance of the benefit remains the same as the December 2022 agreement.
