§ 38.06  GRANTING ECONOMIC DEVELOPMENT TARGET AREA STATUS TO LARGE MULTI-TRACK RESIDENTIAL DEVELOPMENTS.
   The Council feels that a more streamlined approach should be incorporated. Therefore, the Common Council of the city enacts the following measure with regard to multi-tract residential developments hence to be followed from this point forward.
   (A)   The original developer of any tract of real estate having five or more different individual plots may, at the time the development is designated as an economic development target area request that individual tract owners be allowed to take advantage of the city's streamlined process for award of tax abatement on their individual sub-tracts.
      (1)   In the streamline process, the statement benefits to be submitted by the individual tract owner shall be submitted, with the appropriate fee, for review to the Mayor or his or her designee who will then forward it to the President of the City Council with a recommendation that it either be accepted or rejected.
      (2)   If the Mayor or his or her designee recommend acceptance and the President of the City Council agrees, he or she may approve the statement of benefits by simply signing the same and the tax abatement will go into effect.
      (3)   If either the Mayor's designee or the president of the City Council feels the abatement should not be granted or would like the application reviewed by the entire Council, the matter shall be referred to the entire City Council for consideration on its merits as any other tax abatement would be.
   (B)   If the City Council authorizes the streamlined procedure, then all tracts in the economic development target area so designated shall be available to apply for the city's three-year tax abatement on those tracts for a period of up to five years from the granting date, with such three-year abatement to run for three years after it is granted.
   (C)   The residential developer may extend the period of designation as an economic target development area beyond the initial five-year period by appeal directly to the entire City Council in the fourth year of the designation, the Council may grant an extension of time for the designation at it's discretion.
   (D)   The Mayor or his or her designee shall report to the full Council each quarter to provide information on each parcel approved under the streamlined procedure including the common address, owner, and value property abated.
(Ord. 38-2008, passed 11-5-2008)