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Utica agency approves tax-reduction inducement for DePaul’s 66-unit Columbia Square project
Summary
The agency approved a preliminary inducement resolution to grant DePaul Columbia Square LLC a 32-year reduction of real property taxes valued at $10,143,543 to support a 66-unit affordable and supportive housing development in Utica.
The Utica Industrial Development Agency voted to approve an inducement resolution offering a long-term reduction of real property taxes for the DePaul Columbia Square project, a 66‑unit affordable and supportive housing development at Whitesboro and Saratoga streets in Utica.
The inducement resolution grants preliminary approval for financial assistance in the form of reduced real property taxes for approximately 32 years valued at $10,143,543, and authorizes the agency to conduct a public hearing. The board voted to approve the measure after a motion and a second; the vote was taken with members announcing “Aye.”
DePaul Properties’ general counsel John Pena told the…
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