01/08/2001 - Laserfiche WebLink

Home Browse Search

Session 1800 January 8, 2001 City to adopt tax abatement, so that for the first ten years of operation, he will only pay property taxes up to $31 million of value. Ms. Sachar asked if it was reasonable to assume that the developer or the City might decide that it was only worth $15 million and reduce it accordingly. Mr. Ollendorff clarified that it would be based on $26.5 million for the first five years. For the next five years it will gradually increase up to $31 million. After the ten year period, he will pay whatever the assessed value really is. Mr. Wagner wanted to point out that this is a much higher valuation than before Medve purchased it. It is a very good deal for the City and the school district. The City Manager stated that the current assessed value for this property is well under $1 million. The City stands to gain a large increase in property taxes. John Solodar, 8135 Cornell, stated that he felt a little uneasy at first about this tax abatement, but after hearing the details this evening, he feels the City has worked out a fair and equitable plan. He is in favor of the project. Mr. Lieberman asked Mr. Ollendorff to describe the nature of the redevelopment and wondered if it was different from what they originally received. Mr. Ollendorff replied that it was exactly the same. The Council, by state law, has to follow these procedures in order to institute this tax abatement. The City attorney has carefully reviewed this process. Responding to Mr. Lieberman's question. Mr. Ollendorff stated that if the County Assessor assessed the property as less, then we would gel less. Mayor Pro Tem Schoomer closed the public hearing at 7:45 p.m. AGENDA #3 - LONG TERM DISABILITY INSURANCE: Proposals for furnishing long-term disability insurance were solicited through our multi- city insurance pool agent Daniel and Henry Company. Proposals were solicited from ten leading insurance companies. Policies and prices were submitted by Kansas City Life, MetLife. Diversified, and Standard Life insurance Co. The proposal offering the benefit coverage we specified for all full-time permanent city employees at the lowest premium rate was submitted by Diversified. The cost for uniformed police and fire employees would be 84¢ per $100 payroll or $4,234 per month. The cost for non- uniformed employees would be $3,081 per month based on a rate of 60¢ per $100 payroll. Mr. Ollendorff recommended acceptance of these proposals effective March 1, 2001. The premium payments would be made by the University City Uniformed and Non-uniformed Employees Retirement Funds. The City Council decision will be transmitted to the Funds' Boards of Trustees. 3