The schedule has been set for the City to proceed with an urban revitalization plan that will benefit a new single-family residential subdivision at 2605 South Shore Drive, Clear Lake.
City Administrator Scott Flory explained the City has been working with PlanScape Partners on the lengthy and detailed legal and administrative process. The initial step requires the City Council to approve a Resolution of Necessity and set a date for a public hearing. That hearing will be held Feb. 6, 2023.
The Council already approved rezoning a seven-and-a-half acre parcel at 2605 South Shore Drive from low-density single-family residential to medium-density single-family residential, allowing the developer AKK Investment Properties of Webster City to construct twin homes and single-family dwellings on the property.
The proposed urban revitalization plan provides for an exemption from taxation on the first $75,000 of “assessed” value (added by the improvements) for a period of five years. Flory explained that using the current consolidated tax rate ($29.86 per $1,000 of taxable valuation) for Cerro Gordon County (Clear Lake), this would equate to about a $1,200 savings annually for the property owner for five years.
The tax abatement plan has been used for other residential developments in the community.
The first of three votes on the plan will occur following the public hearing on Feb. 6.
