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Council authorizes return of Jay Boone properties now that abatement ended
Summary
Council adopted Resolution No. 26-799 to release the 2015 IRB documents and return title to Jay Boone Properties LLC after the 10-year tax-abatement period ended; staff will record releases and related legal documents.
City staff explained that the 2015 IRB covering Jay Boone Properties is ready to be terminated because the 10-year tax-abatement window has closed. "We're releasing the trust indenture entirely, we're releasing the lease and recording a release of lease with the real estate records," a staff member said, describing the routine process to feed the property back to the beneficial owner.
A council member moved to adopt Resolution No. 26-799 authorizing the sale/transfer back to Jay Boone Properties LLC and to execute the necessary documents; the motion was seconded and passed 5–0. Staff will record the releases and finalize title transfer documents as authorized by the resolution.
Context: The action returns property to the private owner after the abatement period concluded; staff characterized the transaction as a standard post-abatement completion rather than new financial assistance.
