At Tuesday’s regular meeting, Cottonwood County Commissioners took major steps to promote economic development in the county.
On a pair of 3-2 votes, the board first approved a tax abatement program for improvements to commercial and industrial properties, then approved a tax abatement program for remodeling projects that create housing units.
The two new plans both stem from a proposal to remodel Guardian Inn into 37 apartment units. No previous abatement program considered the remodeling of a property.
The proposal for improvements to commercial or industrial properties would call for a four-year abatement on the difference between the original taxable value and the improved taxable value.
That difference would have 80% of the property taxes abated for two years, with 60% abated for the following two years.
For the housing remodel proposal, 100% of the taxable value difference would be abated for five years. The abatement would not take effect until the project was certified as complete. Commissioners also stipulated that properties would only be eligible for one abatement for a 20-year period.
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