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Additionally, building permit fees associated with the redevelopment, estimated at <br /> approximately $15,000, will be waived. <br /> Based on estimated post-redevelopment values, the City's annual property tax revenue is <br /> projected to increase to approximately$8,000 to $12,000 per year following the <br /> expiration of the abatement period, representing an increase of roughly $4,000 to $8,000 <br /> annually over current levels. While the City will forego property tax revenue during the <br /> abatement period,this investment is expected to be offset over time through higher <br /> ongoing tax revenues. <br /> While these actions represent a short-term revenue reduction,the redevelopment of a <br /> currently vacant property is expected to provide long-term economic and community <br /> benefits, including increased property value, expanded housing opportunities, and <br /> sustained future tax revenue. <br /> PRIOR ACTION: N/A <br /> STAFF REFERENCE: Should the City Council have any questions, they may contact, <br /> Lacie Elzy at 542-3559 or lelzya,decaturil.gov or Miranda Lambert at 859-2406 or <br /> mlambert@decaturil.gov. <br />