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Council approves tax abatement for 208 Marshall Street redevelopment
Summary
The Jefferson City Council approved a Chapter 353 redevelopment plan and a 20-year property tax abatement for a project that will convert the 208 Marshall Street site into 25 rental units, with developer commitments to parking and building improvements.
The Jefferson City Council on Sept. 8 approved a redevelopment plan and related tax abatement for 208 Marshall Street under Chapter 353 of the Revised Statutes of Missouri, clearing the way for the property to be redeveloped into 25 rental units. The ordinance passed following a public hearing and a roll-call vote recorded as passing.
The redevelopment agreement approved by the council provides a 75% property tax abatement for years one through 15 and a 50% abatement for years 16 through 20. City representatives said the project’s total estimated cost is roughly $2.7 million and financing is through Hawthorne Bank. Without development, city staff said the property would generate roughly $8,500…
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