Wyatt sworn in, ServisFirst agreement changed at council meeting

by

Sydney Cromwell

Sydney Cromwell

Sydney Cromwell

The July 13 city council meeting saw a new face on the dais as Ward 4 council member Alex Wyatt was sworn into office and began his term.

Wyatt's wife Megan held the Bible as Judge Elisabeth French administered the oath of office. He was appointed to the public works, special issues and planning and development committees, as well as to serve as the library board liaison. Fellow Ward 4 Representative Barry Smith was appointed to the finance committee.

At the meeting, the council voted to appeal an April 27 tax abatement resolution for ServisFirst Bank, which is planning to move its headquarters to a property in Rosedale. City attorney Mike Kendrick explained that the 20-year abatement plan stipulated that the city would receive $30,000 per year from ServisFirst for the duration of the abatement.

When ServisFirst went to Jefferson County for approval of the county's portion of the tax abatement, the county asked to receive a portion of that $30,000 or a matching amount, Kendrick said. Due to this, ServisFirst and the city of Homewood agreed to terminate their previous agreement.

The new agreement, which the council approved at the July 13 meeting, will allow the city to receive the same amount of money, but the timing will be different. The city will begin receiving money in the 11th year of the tax abatement, but ServisFirst will increase its payments so the city's revenue is the same by year 20.

Kendrick explained that due to a recent change in county ordinances, Jefferson County can allow tax abatements for up to 20 years, instead of 10. However, after the 10-year mark, the county works out the abatements with the property owner on a year-by-year basis. By starting the city abatements in the 11th year, Kendrick said this removes the county's ability to argue that they're entitled to the same revenue as Homewood.

Other council business included:

The next city council meeting is July 27.

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