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Council receives 2024 tax-abatement compliance review; staff flags occupancy and compliance issues
Summary
City staff presented the 2024 tax abatement compliance report showing $227M in actual investment, nearly 3,700 reported jobs and mixed compliance determinations; council members asked about Union at Crescent vacancies and Catalent/Novo Nordisk reporting after an acquisition.
City staff and the Economic & Sustainable Development Department presented the 2024 tax abatement compliance review and a status update on active pilots and new applicants.
Andrea Dela Rosa, assistant director for small business development, reported that new real and personal property investment tied to abatements totaled $536 million proposed and $227 million actual; projects reported 3,692 jobs and $317 million in salaries. Staff…
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