The Kokomo Common Council approved a resolution to consider tax abatements for a future rehabilitation hospital near the intersection of Boulevard and Dixon Road Monday.
Council members also modified a redevelopment area to include land along Park Avenue and as far south as Boulevard to help development in that area.
The rehabilitation hospital, proposed by Main Street LLC, will be a $13.8 million project the city anticipates will employ 100 individuals. If ultimately approved as an ordinance, the abatement will last for three years. The council unanimously approved the resolution.
The extension of an already existing redevelopment area, called the Wildcat Redevelopment Area, allows the council to establish a Tax Increment Financing district to collect property tax revenue attributable to any increased assessed value resulting from new investments in that area.
“Then we can use, not all the tax dollars, but any new revenue to be specifically used in that area,” said Councilman Tom Miklik, R-6th.
Miklik said the proposal will be beneficial to the area.
“Effectively, this will allow us to do some fund mitigation along the Walk of Excellence between Main and Apperson,” he said. “It will also allow us then to do some development along the Wildcat Creek into and along Foster into the Haynes property. This is a developmental tool for us to be able to grow that area.”
Megan Graham is the Kokomo Tribune business reporter. She can be reached by phone at 765-454-8570, by email at megan.graham@kokomotribune.com, or on Twitter at @megancgraham.
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