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Council approves tax abatements for ProLogis project; staff projects $11.3M revenue over 10 years
Summary
Council approved three related abatements for a ProLogis speculative industrial development that staff says would represent about $84 million in buildings, an estimated 140 jobs and roughly $11.3 million in property tax revenue over 10 years (including the abatement). The town will apply a 15% abatement fee on savings.
Economic development staff presented three related real-property tax abatement requests from ProLogis for construction of three speculative buildings near County Road 700 North and the Ronald Reagan Parkway. Ethan Pierce told council the combined investment is expected to be about $84,000,000 and the development could bring an estimated 140 new jobs and an estimated $11,300,000 in property tax revenue over the next 10 years, factoring in the abatements.
Pierce said the town will apply a 15% fee on abatement savings going forward: "on the savings that an applicant would receive because of the abatement, the town would collect 15% of that for the life of the abatement." Council questioned term length and whether 10 years was appropriate for speculative buildings; Pierce responded that past spec projects typically produced more jobs and higher wages than initially estimated. The council moved and approved the resolutions for the abatements during the meeting.
