Old Town Belton Redevelopment
The Old Town Belton Redevelopment Plan (pursuant to Chapter 353) is an incentive policy that grants real property tax abatement in exchange for substantial property improvements. Substantial property improvements include but are not limited to a new roof, new siding, new windows, etc. Must be an improvement that elevates the appearance of the applicant's structures and property as a whole.
Approved projects are eligible for 90% real property tax abatement for up to 15 years or the cost of improvements, whichever comes first. Each level has a different investment threshold, guidelines and length of abatement. Real property tax abatement is trigger after the project is complete.
- Property owner submits application for approval of a project and pays the City a filing fee ($250.00 filing fee with the application for investment Level “A” or a filing fee of $750.00 for investment Level “B” and “C”. Any projects that are not approved by the City Council will have the filing fee refunded. )
- City staff reviews application for a determination of whether the proposed project complies with the City’s adopted Old Town Belton Redevelopment Plan and adopted Old Town Belton Redevelopment Plan Policy.
- Old Town Belton Redevelopment Corporation (“OTBRC”) Board of Directors reviews the application and makes a recommendation to the City Council for approval, denial, or approval with conditions, along with the appropriate incentive level (A, B, or C) pursuant to the Policy.
- Public hearing held and ordinance approved by the City Council amending the Plan to authorize the tax abatement for the project.
- If approved by City Council, property owner proceeds with project construction.
- Once property owner completes their project, they then submit all invoices for work performed to City staff for review and certification of costs. City staff verifies work was performed and completed in accordance with the approved project and approves certification of costs.
- Beginning in the year of the property transfer, County Collector bills property owner for taxes due (e.g., land only portion of taxes are still due during the first 10 years of abatement) and payments in lieu of taxes (“PILOTS”) pursuant to the terms of the Memorandum of Understanding agreement in the amount of taxes that would have been due on the previously existing improvements to the property if no tax abatement had been granted. County Collector collects the taxes and PILOTS by December 31 of each year and distributes them to each of the taxing districts.
- City staff tracks tax abatement for 10-15 years (depending on level of tax abatement approved) or until costs of improvements have been recouped through tax abatement, whichever occurs first.
Old Town Belton Redevelopment District (PDF, 24MB)
Redevelopment Application(PDF, 64KB)
Full Redevelopment Process(PDF, 58KB)
Old Town Belton Redevelopment Plan Policy(PDF, 192KB)
For more information, please contact Carolyn Yatsook at email@example.com or (816)892.1263