The Jefferson County board of Supervisors met in regular session on Monday morning where they Reviewed and discussed the Development Agreement process for tax reimbursement and the framework for such an agreement with Bovard Studio. In early March, discussion took place between the Board and Ron Bovard regarding expansion of a 12K sq ft frame shop onto his existing business at a construction cost of around $900K.
At times in the past few years, Bovard had considered the expansion; however property taxes remained the most significant hurdle. He was hoping that the County could provide some of that relief by abating what would amount to be around ¼ of the annual property tax amount. Bovard said “If the expansion were to come to fruition it would provide an additional 6-12 job’s locally, 6 on the conservative side and added that as part of their production capacity they intend to buy local, thus keeping more money in the community.”
His hope is that if all goes accordingly he can begin the process this coming June. The board intends to do more research in the coming days on the topic and aim to have an economic development plan with long term incentives in place in the near future. The two entities are expected to meet again next Monday in hopes of finalizing an agreement.
The Board also unanimously approved interest rates for property cleanup assessed to the property owner relating to nuisance properties at 2.5%. Supervisor Daryn Hamilton felt the cleanup should be treated as a loan given that the County is paying all of the expenses up front. The special assessment placed on the tax bill with the 2.5% interest rate applied over a 10 year time period.