Public hearing on urban revitalization plan Nov. 26
The Fairfield City Council will hold a public hearing at 7 p.m. Nov. 26 in city hall to discuss an urban revitalization plan to offer tax breaks for residents investing in improvements to commercial, industrial or residential property.
The city has sent copies of the proposed plan to all residents who pay water and sewer bills. The plan also is available in the city clerk’s office at city hall and online at cityoffairfieldiowa.com.
The plan would allow property owners to apply for a three-year tax abatement on eligible improvements.
The proposed terms for the commercial/industrial plan would allow all qualified real estate to be exempt from taxation on 100 percent of the value of improvements made to the property.
Residential property owners could apply for 100 percent exemption on the first $75,000 of added value to the structure.
To qualify for either program, the property owner must make a minimum improvement of $5,000. Changing the footprint of the building is not required.
City attorney John Morrissey said the law will be in effect by Feb. 1, waiting at least 30 days after the hearing to pass the draft through three readings. Morrissey said the timeline would be extended if residents requested a second public hearing.
The public also is invited to share feedback on the proposed vacation of a city water and sewer easement located where Hy-Vee Inc. is building a gas station. City administrator Kevin Flanagan said the city has no objection to vacating.