City of Lawrence: GASB STANDARDS
Lawrence Ahead of Curve With GASB Standards
| 2017 Q2 | story by Britt Crum-Cano, Economic Development Coordinator, City of Lawrence
Each year, the City of Lawrence publishes a comprehensive annual economic development report for review by the City Commission. This year, for the first time, standards are in effect that require state and local governments to provide reporting for tax-abatement incentives. These standards have been established by the Governmental Accounting Standards Board (GASB).Lawrence is way ahead of the curve, having published a comprehensive economic development report that surpasses the GASB requirements since 2011.
The 2016 Annual Report: Economic Development Support and Compliance, reviews the annual performance of economic development programs, participating projects and the public funds distributed for them during the year. In addition to city contributions, a summary of county-only economic development programs is also included.
Report highlights include four 2016 property tax-abatement projects that met all compliance requirements, delivering:• 72% more real property capital investment than projected ($6 million projected, $10.3 million delivered)
• 3% more personal property investment than projected ($9.4 million projected, $9.7 million delivered)
• 162% more full-time jobs than projected (142 projected, 372 created)
• 24% higher wages than projected ($32,094 projected, $39,802 paid)
• average wages $8,480 higher than the private community wage
• average wages $13,594 higher than the community wage floor
In addition, these property tax-abatement projects paid $194,837 in property taxes out of a total $341,955 due in 2016 ($147,117 abated).
Of the city’s seven authorized Neighborhood Revitalization Areas (NRA), five were eligible for rebates, with rebates totaling $110,300 for 2016. After rebates, taxing jurisdictions realized an average of 18.6% more real property tax revenues in 2016 compared to if these five properties had been left in original condition.
Nine companies had Industrial Revenue Bonds (IRB) in 2016, the majority of which were not affiliated with a property tax abatement but, rather, were utilized to obtain a sales tax exemption on project construction materials.
The city continues to support three Tax Increment Financing (TIF) districts and three Transportation Development Districts (TDD).
• Downtown 2000 TIF—funds 10th and New Hampshire city-owned parking garage
• Oread TIF and TDD—partial reimbursement for public and transportation improvements related to The Oread Hotel project
• Ninth and New Hampshire TIF & TDD—partial reimbursement for public and transportation improvements in South Project area (Hotel) and North Project area (mixed-use)
• Free-State (Bauer Farm) TDD—partial reimbursement for transportation improvements in Free-State development area
TIF distributions were approximately $788,600, and TDD distributions were approximately $278,700 in 2016. (Not all amounts distributed for The Oread project were reimbursed in 2015 and 2016 because of a contractual dispute.)
Overall, 2016 PAYGO (pay as you go) programs provided approximately $4.69 in private-sector capital investment for each $1 of public-sector assistance provided.In addition to the PAYGO programs, the report also reviews direct public support provided for economic development services and projects, including grants, loans, capital investment, operations funding, relocation assistance, affordable housing, infrastructure assistance, technical education and workforce training.
New this year, the report presents a brief overview of the economic climate for the community, profiling jobs, wages and the balance between commercial and noncommercial community assets.
The City Commission received the report at its meeting on April 4, 2017, and referred it to the Public Incentives Review Committee (PIRC) for review and recommendation at its April 17, 2017, meeting. It then received the report and PIRC recommendation at its May 2, 2017, meeting and voted to accept it.
For more information, please contact Britt Crum-Cano, economic development coordinator, at 785-832-3472 or bcano@lawrenceks.org.
38 Comments
I’m blown away by the quality of this content! The author has undoubtedly put a huge amount of effort into investigating and organizing the information. It’s exciting to come across an article that not only offers useful information but also keeps the readers hooked from start to finish. Kudos to her for making such a masterpiece!
When I initially commented I appear to have clicked the -Notify me when new comments are added- checkbox and from now on whenever a comment is added I get 4 emails with the same comment. There has to be a way you can remove me from that service? Thank you.
Esta página tem definitivamente toda a informação que eu queria sobre este assunto e não sabia a quem perguntar. Este é o meu primeiro comentário aqui, então eu só queria dar um rápido
Nice post. I learn something totally new and challenging on sites I stumbleupon everyday. It will always be exciting to read content from other writers and practice something from their web sites.
It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company.
There’s certainly a lot to learn about this topic. I love all of the points you’ve made.
Buying a boat is an exciting experience, whether you’re a first-time owner or upgrading to a bigger model. There are so many options, from small fishing boats to luxurious yachts. It’s important to choose one that fits your lifestyle, whether you plan to fish, cruise, or enjoy watersports. Checking the boat’s condition, engine performance, and maintenance history can help you make the right decision. Owning a boat is not just about transportation—it’s about freedom and adventure on the water.
Thanks for your submission. Another thing is that to be a photographer entails not only trouble in capturing award-winning photographs but additionally hardships in establishing the best dslr camera suited to your requirements and most especially struggles in maintaining the caliber of your camera. This really is very genuine and evident for those photography fans that are into capturing the particular nature’s fascinating scenes – the mountains, the forests, the particular wild or maybe the seas. Going to these adventurous places undoubtedly requires a digicam that can surpass the wild’s tough landscapes.
After exploring a number of the articles on your web site,
I really appreciate your technique of writing a blog.
I added it to my bookmark webpage list and will be checking
back in the near future. Take a look at my web site too and
let me know what you think.
Oh my goodness! Incredible article dude! Many thanks, However I am having problems with your RSS. I don’t understand why I can’t subscribe to it. Is there anyone else getting similar RSS issues? Anyone who knows the solution will you kindly respond? Thanks.
Boat maintenance is essential to keep your vessel in top condition. Regularly checking the engine, cleaning the hull, and inspecting safety equipment can prevent costly repairs. Using the right marine coatings can protect the boat from saltwater damage. Proper winterization helps prevent damage during the off-season. A well-maintained boat lasts longer and provides a safer and more enjoyable experience.
Buying a boat is an exciting experience, whether you’re a first-time owner or upgrading to a bigger model. There are so many options, from small fishing boats to luxurious yachts. It’s important to choose one that fits your lifestyle, whether you plan to fish, cruise, or enjoy watersports. Checking the boat’s condition, engine performance, and maintenance history can help you make the right decision. Owning a boat is not just about transportation—it’s about freedom and adventure on the water.
Excellent blog you have here.. It’s difficult to find quality writing like yours nowadays. I seriously appreciate individuals like you! Take care!!
Discover the power of MinSwap, the leading decentralized exchange platform offering seamless trading and low fees. Maximize your assets and join the next generation of decentralized finance
Discover CowSwap, the trusted decentralized exchange platform for seamless crypto trades in 2025. With low fees, high security, and fast transactions, CowSwap is a go-to solution for DeFi users worldwide
Discover the future of decentralized finance with Woofi Finance, a cutting-edge platform for seamless crypto staking and yield farming. Maximize your returns with low fees and high rewards. Join the revolution in DeFi today!
Discover CowSwap, the trusted decentralized exchange platform for seamless crypto trades in 2025. With low fees, high security, and fast transactions, CowSwap is a go-to solution for DeFi users worldwide
Pontoon boats are a fantastic choice for families and social gatherings. Their spacious design allows for comfortable seating, sunbathing, and even onboard grilling. Many pontoons come with luxury features like sound systems and mini-bars, making them perfect for parties. They are also easy to operate, making them ideal for beginners. Whether you’re cruising a lake or relaxing on the river, a pontoon boat ensures a great time on the water.
Discover the power of MinSwap, the leading decentralized exchange platform offering seamless trading and low fees. Maximize your assets and join the next generation of decentralized finance
Used boats can be a great value if properly maintained. Some well-kept pre-owned boats perform just as well as new ones but come at a fraction of the price. Inspecting a used boat thoroughly before purchasing is essential. Checking the hull for cracks, testing the engine, and reviewing service records can prevent future issues. A marine surveyor can provide a professional assessment to ensure you’re getting a quality boat. Financing options are available for both new and used boats, making it easier for buyers to afford their dream vessel.
Discover CowSwap, the trusted decentralized exchange platform for seamless crypto trades in 2025. With low fees, high security, and fast transactions, CowSwap is a go-to solution for DeFi users worldwide
Discover the future of decentralized finance with Woofi Finance, a cutting-edge platform for seamless crypto staking and yield farming. Maximize your returns with low fees and high rewards. Join the revolution in DeFi today!
Pontoon boats are another excellent choice for leisure and relaxation. Their wide, stable design makes them perfect for parties, family outings, or just cruising along the water. Many pontoons come with comfortable seating, sunshades, and even built-in grills. They are easy to operate and great for beginners. While they may not be the fastest boats, their spacious decks make them ideal for socializing. Some luxury pontoon models even feature high-end sound systems, refrigerators, and plush seating for a premium boating experience.
Discover CowSwap, the trusted decentralized exchange platform for seamless crypto trades in 2025. With low fees, high security, and fast transactions, CowSwap is a go-to solution for DeFi users worldwide
Another important part is that if you are an older person, travel insurance regarding pensioners is something that is important to really think about. The more mature you are, the more at risk you happen to be for allowing something bad happen to you while in another country. If you are definitely not covered by a number of comprehensive insurance policies, you could have quite a few serious troubles. Thanks for giving your good tips on this blog.
Discover the power of MinSwap, the leading decentralized exchange platform offering seamless trading and low fees. Maximize your assets and join the next generation of decentralized finance
Houseboats offer a unique way to live on the water. With full kitchens, bedrooms, and even entertainment areas, they provide a comfortable floating home. Some people use them for weekend retreats, while others live on them full-time. Modern houseboats come with solar panels and water filtration systems, making them self-sufficient. If you love waterfront living, a houseboat is a great investment.
Discover CowSwap, the trusted decentralized exchange platform for seamless crypto trades in 2025. With low fees, high security, and fast transactions, CowSwap is a go-to solution for DeFi users worldwide
Discover the future of decentralized finance with Woofi Finance, a cutting-edge platform for seamless crypto staking and yield farming. Maximize your returns with low fees and high rewards. Join the revolution in DeFi today!
Discover CowSwap, the trusted decentralized exchange platform for seamless crypto trades in 2025. With low fees, high security, and fast transactions, CowSwap is a go-to solution for DeFi users worldwide
Thank you for your blog.Really looking forward to read more. Fantastic.
I am not sure where you are getting your info, but great topic. I needs to spend some time learning much more or understanding more. Thanks for magnificent info I was looking for this info for my mission.
e dizer que gosto muito de ler os vossos blogues.
The very next time I read a blog, Hopefully it does not disappoint me just as much as this one. After all, I know it was my choice to read, however I really believed you would probably have something helpful to talk about. All I hear is a bunch of complaining about something you can fix if you weren’t too busy looking for attention.
Great post. I will be experiencing a few of these issues as well..
As soon as they coated the globe; all that remains are these colossal upreared monoliths, or combos of monoliths, seen at Stonehenge, Carnac, and other locations.
Greetings! Very helpful advice within this article! It’s the little changes which will make the largest changes. Thanks a lot for sharing!
A brand new website Humber Premier Soccer has been set as much as cowl our rivals Grimsby City but also their League neighbours, Scunthorpe United and Hull Metropolis.