ORDINANCE ADOPTING A HOUSING URBAN REVITALIZATION PLAN

Section 1. Urban Revitalization Area: That the following area of the city of Gowrie, Iowa is herby declared to be a Housing Urban Revitalization Area: The Corporate Limits of Gowrie, Iowa.

Section 2. Housing Urban Revitalization Plan: The City of Gowrie has prepared a City-wide Housing Urban Revitalization Plan prior to consideration of this Ordinance. This plan is available for inspection at the Gowrie City Hall and is hereby attached by reference.

Section 3. Eligibility Requirements for Tax Abatement: Property eligible to receive urban revitalization (Property Tax Exemption) benefits under this Ordinance is that which currently is, or will be after construction, assessed as residential property, or residential rental units that my be classified as commercial property by the County Assessor’s Office. (To be eligible for property tax exemption benefits, commercial rental housing units must consist of three or more separate living quarters with at least 75% of the total building space being used for residential purposes.) To be eligible for exemption, eligible property must be new residential construction where the value of the improvement will generate an increase in assessed value of the parcel equal to or exceeding $30,000. The property must meet all applicable land use, zoning, and flood plain regulations.

Section 4. Tax Abatement Schedule: The following tax abatement schedule shall be used:

Year 1 80% of Tax Value of Improvement Abated
Year 2 70% of Tax Value of Improvement Abated
Year 3 60% of Tax Value of Improvement Abated
Year 4 50% of Tax Value of Improvement Abated
Year 5 40% of Tax Value of Improvement Abated
Year 6 40% of Tax Value of Improvement Abated
Year 7 30% of Tax Value of Improvement Abated
Year 8 30% of Tax Value of Improvement Abated
Year 9 20% of Tax Value of Improvement Abated
Year 10 20% of Tax Value of Improvement Abated
Year 11 Full Tax Value of Improvements are Collected

Application forms and further information are available at the office of the City Clerk of Gowrie located at 1206 Market Street. City Clerk phone number is 352-3999.