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Council holds public hearing on proposed tax abatement to finance community pool
Summary
The council heard a public presentation on using a property-tax abatement across 33 city parcels to pledge revenue for a bond to build a community pool; council directed staff to continue the sale and bring a ratification resolution at the first November meeting.
The city council on Tuesday held a public hearing to discuss a proposed property-tax abatement that would pledge taxes from 33 city parcels to finance a bond for a community pool. Jason Murray introduced the proposal and described the mechanics and timing of the potential sale.
The proposal would use a tax-abatement mechanism to pledge the city’s portion of property taxes from 33 residential parcels to cover the principal portion of debt service on the pool bond. "This hearing is to disclose the potential borrowing for the pool," Murray said, explaining that the parcels were chosen to avoid commercial corridors and because grouping neighborhoods is administratively simpler.
Council and staff discussed timeline and next steps. Murray said the city is targeting a negotiated sale with DA Davidson during the week of Oct. 21 and that the council would be asked to ratify the bond purchase at the council’s first November meeting; Murray referenced November 11 while clarifying the council’s first November meeting is the formal ratification opportunity. When a resident asked which specific 33 parcels were included and why not all residents were assessed, Murray said the parcels were selected to produce roughly $76,000 in annual city property-tax revenue sufficient to meet the bond’s principal requirements.
The hearing concluded without a final abatement adoption; the council voted to direct staff to move forward with the abatement process and to return with a formal resolution for ratification at the November meeting. If the council ratifies the sale, staff said the city would close the transaction roughly two weeks after the sale date.
Next steps: staff will provide a formal resolution and more-detailed project timeline at the council’s November meeting for final ratification of the bond and abatement.
