A portion of the First Bank Southwest Tower may be changed into residential housing.
Potter County commissioners discussed giving the owners of the First Bank Southwest Tower a TIRZ tax abatement for 15 years. Judge Nancy Tanner told us the tax abatement is 90%.
“The taxes are still paid, we just don’t increase them and the value of the building for so many years and allow them to pay the same tax rate,” said Judge Tanner.
Tanner said the owners are wanting the abatement so they can change an area of the building into condos.
“It is just going to be residential housing, apartments or lofts or whatever you want to call them in that building, and I suppose it is because the building has been vacated by many businesses recently and they want to put something in there that will raise money and the people who own the building are okay with that, and think it will be a good thing,” Judge Tanner said.
The county hopes by keeping more businesses in the building, they will make more money and in turn help the county.
“Every TIRZ thing we do is always that much, it is just to keep them there paying the same tax rate, give them a little incentive to keep them doing what they are doing, and get people coming to their business,” Judge Tanner said.
The Amarillo City Council will also be looking at the idea of creating the condos during an upcoming city council meeting.