After tabling the KSU Foundation’s first tax abatement and bond request in December, the city and foundation worked to appease the board’s concerns about the initial ask of a ten year, 100% abatement.
The new request, presented to commissioners at their meeting Tuesday, asks that the first 5 years receive 100% abatement. The organization’s promise of 30 million dollars in capital investment, 100 new jobs, and $50,000 wages for those jobs will be annually evaluated during years 6 through 10 to determine the abatement percentage.
The board was more receptive to these changes, but Commissioner Linda Morse did express a few concerns.
Commissioner John Matta and Mayor Mark Hatesohl favor this plan and feel there are positives that can alleviate some concerns.
The board unanimously approved the foundation’s request.