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Lawrence commission backs incentives for Reuter Building redevelopment, waives one affordable-housing requirement
Summary
The City Commission voted unanimously to approve a resolution of intent to issue industrial revenue bonds and to advance neighborhood revitalization and community improvement district measures to support rehabilitation of the Reuter Building at 612 New Hampshire; Baker Tilly said the project is not viable without public incentives.
The Lawrence City Commission on Sept. 9 voted 4-0 to approve a resolution of intent to issue industrial revenue bonds and to advance related neighborhood revitalization area and community improvement district ordinances to support redevelopment of the historic Reuter Building at 612 New Hampshire.
The redevelopment application from 6 12 New Hampshire LLC seeks three public tools: an IRB sales-tax exemption for construction materials, a neighborhood revitalization rebate of incremental property tax (requested at 95% over 15 years), and a community improvement district (CID) imposing an additional 2% sales tax for up to 22 years. The commission also voted 4-0 to waive a city affordable-housing requirement that would otherwise apply if the project produced residential units.
Why it matters: The Reuter Building is a large, long-vacant historic structure in downtown Lawrence that developers propose converting for mixed commercial and residential use. Developer representatives and the city’s financial adviser told the commission…
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