A vote Monday evening by the Logansport City Council could pave the way for commercial and residential investments in downtown Logansport.
The council approved the first reading of a resolution to expand the Logan’s Landing economic development target area following positive endorsements by the city’s redevelopment and economic development commissions.
Becki Harris, executive director of Logan’s Landing, said that by approving the abatements the city would make the downtown area more attractive to potential investors.
“There are now less restrictive guidelines for businesses to qualify for tax abatements,” Harris said.
If the city council approves a second reading of the resolution next month, businesses investing in expansions will be eligible for commercial tax abatements on increases in property value.
The district includes the entire downtown area east of Ninth Street to the Eel River and from High Street in the north to Melbourne Avenue in the south.
Planning Director Stan Williams said that the boundaries of the district were expanded to include more potential businesses.
“Right now it only includes the B-2 zoning area of Logan’s Landing,” Williams said. “It leaves out Boondockers, U-Know Pizza, Schroders’ Motors, Worly’s Inn, Domino’s Pizza, Logansport Saving Bank.”
Expanding that area, he said, is an incentive for the redevelopment of vacant lots and vacant structures downtown.
Asked if abatements were essential to encourage development downtown, Harris said that the city should use all of the tools at its disposal
“Tax abatements are a valuable tool to make investing in downtown more attractive,” Harris said. “If someone is on the fence about investing in downtown, this might just push them over the top and encourage them to do it.”
Council member Scott Kraud said during the meeting that the city in the next couple of weeks would be looking to establish guidelines similar to those already in place for commercial investments in economically distressed areas elsewhere in the city.
The council also unanimously approved the first reading of resolution concerning a tax abatement for a project on Bankers Row.
Kelly and Teri Hawes, who plan to develop an antiques business and an upstairs apartment at 218 Eel River Ave., would receive abatements on increases in the value of the property if the resolution passes a second reading next month.
The Haweses are seeking three separate abatements — a 10-year abatement on any increased value in the commercial portion, a 5-year abatement on any increased value of the residential portion and a two-year abatement on the current value.
During a council committee meeting last month, Teri Hawes said that she hoped the council would support what is a risky investment during a recession.
“We hope by saving the home, it will be a catalyst for more developments on Bankers Row,” she said. “The new comprehensive plan includes listings for small shops and cafes. We are counting on some help to make it work.”
Williams said that the Haweses were the first take advantage of the tax abatement scheme for commercial property in the Logan’s Landing taxing district since the residential program was established in 2005 and the commercial program in 2007.
Councilman Charlie Hastings said that he had no problem with approving the abatements.
“I applaud your efforts,” he said. “We need to bring things downtown. It is a long time since we have had anything new.”
Kevin Smith can be contacted at (574) 732-5148 or via e-mail at kevin.smith@pharostribune.com
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Council OKs downtown development incentives
<b>First reading of tax abatement programs passed</b>
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