A special election date has been set to refer the rezoning of 10 acres in the Southtown Addition to a public vote. The city wants to rezone the area to multi-family which would allow a developer to build a 69 unit apartment building and townhouses. Last night the city commission approved May 16th, 2017 as the special election date. Petition organizers needed 381 signatures to put the issue to a vote. The petition received 603 signatures, with the city verifying 390.
Also last night Commissioners approved first reading of an ordinance that would designate the west half of Lake Heights Addition as a Redevelopment Neighborhood
Danny Hofer has requested the designation which would allow a tax break according to the property tax discretionary formula similar to the formula adopted by Beadle County.
The Southtown Addition discretionary formula provides that a new residential structure would pay taxes for the first year at 20%, and on to 40%, 60% and 80% the following years, and would pay the full amount of taxes on the 5th year.
Mr. Hofer hopes that the discretionary formula encourages buyers and with the sale of the lots it would help pay for the construction of a street to be named North Circle Drive. The incentive is to give a potential new owner a tax break.
Second reading of the ordinance will be held at next city commission meeting Monday April 3rd.
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