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Conway council approves longer tax reimbursement period for large commercial redevelopment
Summary
Council approved an amendment to the city's incentive program allowing property tax reimbursements to extend from five to 10 years for qualifying redevelopment of vacant commercial buildings of 25,000 square feet or larger and clarified transferability rules.
The Conway City Council on Jan. 21 unanimously approved final reading of an amendment to the city’s economic incentive program that applies to redevelopment of vacant commercial buildings of 25,000 square feet or greater.
Staff recommended increasing the maximum property‑tax reimbursement period from five years to 10 years and adding language to clarify transferability of the incentive at council’s discretion. The staff amendment would require council approval before any reimbursement agreement could be transferred to another person, firm, or corporation.
During the meeting staff suggested replacing the word “permission” in the transferability provision with “approval” for clarity. Council members asked how the city notifies developers about the program; staff said incentives are posted on the city website and are included in outreach to prospective developers.
Council voted unanimously to adopt the ordinance on final reading. Staff noted there are relatively few vacant properties of the size specified in Conway, and the incentive is targeted to encourage redevelopment of large vacant commercial buildings.
The ordinance change takes effect upon adoption; staff will publish updated program materials on the city website and continue outreach to developers and local business organizations.
