City of Gainesville - File #: 060165

• File #: 060165
• Version: 0
• Name: Federal Tax Credit Programs (NB)
• Type: Discussion Item
• Status: Filed
• File created: 6/12/2006
• In control: Audit, Finance and Legislative Committee
• Final action: 3/25/2013
• Title: Federal Tax Credit Programs (NB) This item is related to file # 060135, Mayor's Report of the New Cities Project.

Date	Ver.	Action By	Action	Result
6/13/2006		City Commission	Referred
6/13/2006		City Commission	Referred
6/12/2006	0	City Commission	Referred	Pass
6/12/2006		City Commission	Referred

Title

Federal Tax Credit Programs (NB)

This item is related to file # 060135, Mayor's Report of the New Cities Project.

Recommendation

Request that City Manager's staff research federal tax credit programs including but not limited to the Historic Preservation Tax Credit, the New Markets Tax Credit, the Low Income Housing Tax Credit and the Energy Efficiency Tax Credit to determine whether any would be useful tools for encouraging redevelopment, economic development, or energy efficiency retrofits in Gainesville.  Also request that the Manager, Attorney and Auditor develop a process for obtaining the maximum return for the existing state brownfield tax credits held by the city, considering transfer to a tax-paying entity for cash or as part of a property transaction or redevelopment incentive and send information to bank partners.  Refer this matter to the Audit and Finance Committee for review, and report back to the City Commission within 90 days.