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Universal City council approves resolution to establish tax-abatement eligibility and criteria
Summary
At its July meeting, the Universal City City Council adopted a resolution to establish eligibility and criteria to consider tax abatement requests; council members debated revenue, fairness and precedent and staff said reinvestment-zone ordinances will return to council on Aug. 5.
Universal City City Council on a July meeting adopted a resolution establishing eligibility and guidelines for the city to consider tax abatement requests and said ordinances to create reinvestment zones will return to the council on Aug. 5.
The guidelines set a framework for how Universal City will receive and evaluate requests, but they do not obligate the council to approve abatements, City staff member Ms. Turner told the council. "A tax abatement program is, at the will of the city council," Turner said, and stressed that approving the resolution only opens the city to consider requests, not to grant them.
The resolution lays out several features staff described in the hearing: guidelines must be reauthorized every two years; reinvestment zones (which staff said are typically commercial or industrial) last five…
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