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Council approves five-year tax abatement and $5 million minimum assessment for Demos Orthopedic Centers
Summary
Norwalk approved a five-year partial commercial tax abatement for Demos Orthopedic Centers and attached a $5,000,000 minimum assessment agreement as required by a state law change; staff explained the form and council approved the measure on consent.
Norwalk City Council on Nov. 20 approved a resolution attaching a minimum assessment agreement to a five-year partial commercial tax abatement for Demos Orthopedic Centers, a change staff said is now required by state law.
Holly, a city staff member, said the state enacted a law requiring public bodies to include a minimum assessment agreement with tax-abatement applications. For the Demos project staff proposed and the council approved a $5,000,000 minimum assessment because the applicant projects a value of roughly $5.4–$5.5 million; the minimum assessment would last the lifetime of the five-year abatement.
Council approved the resolution on a motion by Meineke, seconded by Baker. No public comment was registered.
Next steps: staff will incorporate the minimum assessment agreement into the abatement paperwork and proceed according to the city's standard abatement process.
