At a meeting of the Fremont City Council on Aug. 13, a member of the city council compared tax relief of nearly $4,000,000 requested by a former Minnesota company planning the Fountain Springs project in Fremont to tax relief provided to low income elderly residents, homestead exemptions.
These homestead exemptions are based on a sliding scale phasing out between $29,333 to $43,100 for single residents and $34,400 to $51,100 for married couples. The exemption is also subject to other limiting factors.
In my opinion, there is no comparison between the assistance for the elderly we provide in Fremont and multi-million dollar corporate tax breaks. Our school board is adamantly against taxpayer incremental financing (TIF) for residential projects.
I agree with this position, all residents should pay their fair share to educate our children. The promoter of this project stated that the project qualified for over $7,000,000 of TIF but they were only requesting $3.9 million.
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My question is, how long until they request the additional funds the project qualifies for, and do you really compare assistance to the low income elderly to multimillion-dollar corporate projects?