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Jasper City Council approves tax-rebate agreement for J and M Properties redevelopment
Summary
The council adopted a development agreement to rebate a portion of sales tax revenues for J and M Properties’ planned infill project along 19th Street, contingent on job-creation thresholds and other conditions; no public comments were made at the hearing.
The Jasper City Council on Feb. 4 adopted a proposed economic development agreement with J and M Properties that offers a phased sales-tax rebate and other fee waivers for a planned downtown redevelopment along 19th Street.
Attorney Robson told the council the proposal covers a roughly $1,800,000 project to develop property between Birmingham Avenue and Corona Avenue, including construction of a new building and relocation of at least one existing business. Robson said the draft incentive would rebate a portion of sales tax above a baseline and would include waivers of landfill disposal fees and building-permit fees plus a sales-and-use tax exemption for construction materials.
“The rebate is contingent upon there being 20 new full-time-equivalent jobs,” Robson said, adding that part-time positions count as one-half of a full-time equivalent. He said the draft uses a standard schedule of 30 percent for five years and 20 percent for two years for the rebate structure.
Developer representative David Beatty of J and M Properties was present but there were no members of the public who spoke during the hearing. After the public-hearing period closed, the council voted to adopt the resolution approving the agreement.
Nut graf: The agreement is a standard economic-development tool Jasper uses to encourage infill redevelopment downtown. It ties incentives to job creation and includes multiple upfront fee waivers; rebate payments do not begin until the developer reaches the required employment threshold.
Council members did not request additional public comment before the vote. The transcript records the public-hearing call and the unanimous roll-call affirmation approving the resolution.
Ending: The agreement now moves to execution; Robson said the final incentive terms are subject to the exact language of the adopted resolution and to the developer meeting the stated job and construction conditions.
