Tax abatement sought for Quitman duplexes
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Wood County commissioners postponed a requested property tax abatement on the construction of five duplexes in Quitman.
The county has been asked to approve an economic development agreement for …
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Tax abatement sought for Quitman duplexes
Wood County commissioners postponed a requested property tax abatement on the construction of five duplexes in Quitman.
The county has been asked to approve an economic development agreement for JR Douglas Construction for the erection of the structures on Cedar Dr.
Following a public hearing last Tuesday, County Judge Kevin White asked commissioners to postpone a vote until the next meeting June 12 so that some adjustments to the contract can be incorporated.
Douglas is seeking a 100% abatement of property tax of up to $50,000 for 10 years.
He is seeking a similar arrangement with the city, which was scheduled to meet on the matter Wednesday evening.
White said he did not want to deter cities wanting to make such investments, in suggesting the county match what the city is considering.
The changes to the contract include extending the construction time from 30 months to 42 months and reducing the builder’s contract and materials from $1.2 million to $1 million.
He also quizzed Douglas on how he planned to track the value of personal property investment in the project.
The tax abatement would not begin until the project is completed.
White noted it will probably be two years before the agreement has an impact on county taxes.
In other business, commissioners approved the Hake Acres subdivision on County Road 3870. It includes three lots which will be serviced with a water well.