Schools
CMSD Approves LERTA
Directors approved an ordinance that grants tax abatement to a piece of property in Southpointe II last week.
School directors last week approved a resolution to grant LERTA status to a large tract of land in Southpointe II that is intended to be the new headquarters for Mylan Corp.
LERTA, or a Local Economic Revitalization Tax Assistance, is an abatement program for businesses that redevelop blighted property. The district approved the LERTA for five years. The ordinance sets up a tiered system of property tax liability.
In the first year, the property owner will have no tax liability with the district. The percentage of taxes paid decreases by 20 percent each year—with the property owner paying the entire amount in the sixth year.
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The resolution passed by a vote of 7-1, with Director Eric Kline dissenting. Paul Scarmazzi was absent.
passed a similar ordinance in 2010.
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