This
plan is intended to promote the revitalization of the inner urban area
of the City of Lyons through the redevelopment of the area. More
specifically, a tax rebate will be available for the continue use of
commercial/industrial and further development and expansion of existing
and new commercial/ industrial entities within the specified area. The
tax rebate applies only to the additional taxes resulting from the
increase in the appraised value of the property due to the
rehabilitation, alterations and additions to any existing commercial
structure used for retail, office, manufacturing, warehousing,
institutional or other commercial or industrial purposes shall be
eligible.
14 Tracts of land around Grand (Highway 96), between Main street and
East Lyon are now part of a neighborhood revitalization project. This
project provides tax rebates for new improvements to the property.
Rebate Period:
Commercial --------------------------------------------------- 5 years
Rebate Amount
Year 1 ---------------- 85%
Year 2 ---------------- 75%
Year 3 ---------------- 65%
Year 4 ---------------- 35%
Year 5 ---------------- 20%