Wednesday, August 15, 2012
City To Consider Subsidizing Developer For Riverfront Apartments
The project was described as "upscale residential apartments", it would consist of up to 200 apartments with rents of $1200 for a studio. They would be built on a 7.7 acre parcel on River Road, near its intersection with Eastern Street, behind Meadow Meats.
The developer is asking the city for tax abatements, a discount on building fees, a zoning overlay, and enforcement of blight ordinances on neighboring properties.
According to the draft minutes, "The company is requesting a tax freeze for 4 years and a phased in tax rate of 20% in year 5, 30% in year 6, 40% in year 7 and 50% in year 8 then a full tax rate yielding $500,000. Smith stated the project budget has a $450,000 cap for utility and building permit fees. The assistance would allow for the project to be constructed and build cash flow."
With the EDC endorsement, the Common Council will hear a presentation on the project at its September 4th meeting.