Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves Water Street incentives and up to $7.58 million in industrial bonds for Water Street Lofts
Summary
The Liberty City Council unanimously approved a Community Improvement District for the Water Street Lofts development and authorized taxable industrial development revenue bonds not to exceed $7,580,000, city staff said.
The Liberty City Council unanimously approved creation of a Water Street Community Improvement District and authorized a taxable industrial development revenue bond package not to exceed $7,580,000 to support the Water Street Lofts project.
City staff told the council the CID would seek “up to 1% additional sales tax for just the new development,” limited to the new construction that includes 16 lofts, a parking garage, a proposed restaurant and retail on the square. City staff said the CID sales tax would be charged only on the new development and would be in addition to the existing 1% downtown square sales tax.
The council also approved a Chapter 100 (industrial development) incentive structure for the project. According to the presentation, the package includes a 25-year abatement schedule tied to a Chapter 100 plan with the first 15 years at 100% and years…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
