Council approves several CF1 tax abatements and development fee allocations

At the June 16 meeting, the Bedford Common Council approved a series of CF1 tax abatements and associated resolutions for multiple projects, including personal property abatements tied to manufacturing equipment and real estate abatements for downtown redevelopment.

Representatives for the affected properties appeared to answer questions. Alicia appeared on behalf of a manufacturing employer and confirmed employee counts and production are consistent with previous filings; Corey King represented Grayson Real Estate LLC and the council approved that CF1 by voice vote. The council also approved CF1 abatements for other entities (including a motion covering multiple resolutions) and approved real estate SB1 abatements for specific properties with the standard declining abatement schedules (10‑year schedules for commercial projects and a 5‑year maximum for residential SB1 abatements as allowed by statute).

For a downtown rehabilitation project at 802 16th Street, council approved a 10‑year abatement on a reducing schedule (100% in year one down 10% each year) and directed distribution of the statutorily allowed administrative fee (the motion specified 75% to the Bedford Redevelopment Commission and 25% to the Lawrence County Economic Growth Council). For a residential project at 2535 39th Street, council approved a 5‑year SB1 abatement (declining at 20% per year for five years) and noted the parcel must be found to be within a residentially distressed area as required by statute.

One CF1 vote recorded at least one abstention on the record; council otherwise approved the package by voice votes.

Next steps: staff will process compliance statements (CF1s) and oversee any required annual compliance reporting and fee distributions to the designated economic development entities.