05-28-15 SCC History of financial assistanceCity of Otsego
History of Financial Assistance
• Apex Warehouse:
o Tax Abatement
o Approved in 1998
o Assistance of $69,082.50
o Assistance equals 3.75% of estimated market value
o Payment of 30% of City share of tax
• Long Haul Trucking:
o Tax Abatement
o Approved in 1998
o Assistance of $20,824.53
o Seven years duration
• Gateway North (Duke):
o Tax Abatement
o Master agreement approved in 2005
■ First Tax Abatement agreement approved in 2007
■ Second Tax Abatement agreement approved in 2014
o Assistance of $500,000
o Estimated property valuation at build out of 75,000,000 to 90,000,000
o Assistance will equal less than 1% of estimated market value
• Boondox:
o Tax Abatement
o Approved in 2012
o Assistance of $10,600
o Property improvements of $189,100
o Assistance equals 5.6% of initial improvements (per property tax statement)
• Family Speech and Therapy Services:
o Tax Abatement
o Approved in 2013
o Assistance of $25,000
o Property valuation increase of $360,300
o Assistance equals 6.9% of estimated market value. (Building would have continued to
lose value without this redevelopment.)