Title
Adoption of Tax Abatement Policy dated June 15, 2005
Body
Whereas, the City Council desires to increase the tax base of the community and encourage employment opportunities and reduce conditions of underemployment; and
Whereas, PA 198 of 1974, as amended, provides for the abatement of 50% of the increased taxable value that results from a rehabilitation or new development for both real and personal property for a period not to exceed twelve (12) years within established Industrial Development Districts; and
Whereas, the City Council of Rochester Hills has developed and maintained a tax abatement policy from 1987 to present, and has modified it over time as economic conditions in the City have changed.
Resolved that the Rochester Hills City Council hereby adopts the Tax Abatement Policy dated June 15, 2005.