| | | | | | | |  | REQUEST FOR COUNCIL AGENDA
The City of Hartsville | Agenda Date:
2/11/2020 | To: City Council | From: City Manager |
Ordinance Number: 4382 Resolution Number: - REGULAR MEETING | | | |
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| ORDINANCE/RESOLUTION CAPTION: | | To approve the historic rail passenger station property at 114 S. Fourth Street for preliminary certification for Baily Bill designation. |
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| BACKGROUND SUMMARY: | | The Bailey Bill grants a property tax abatement to encourage the rehabilitation of historic properties. The city adopted the Bailey Bill in April 2016. The property located at 114 S. Fourth St. (Historic Train Depot) has presented to ARB and requests that this property be designated as a Bailey Bill approved property by city council. |
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| IMPACT IF DENIED: | | Without the utilization of this economic development tool that the city adopted, the property owner may not be able to fully renovate the building to achieve the maximum results. |
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| IMPACT IF APPROVED: | | If approved, the owners of the property can utilize this economic development tool to ensure that the property is renovated to the greatest extent possible. The Bailey Bill positively impacts both the city and owner. |
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| FINANCIAL IMPACT: | | By approving this property as a Bailey Bill certified property, a decrease in property taxes would not occur. The financial impact would be beneficial due to the various activities that would occur through renovation (construction labor, materials, permits, contractor business licenses) and then through a business operating in the building (business license, H-Tax, jobs). This project rehabilitates a vacant historic building and increases economic opportunity for Hartsville. |
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