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City approves IRB support for 716 Morrow Street workforce housing project
Summary
The Manhattan City Commission approved a resolution authorizing industrial revenue bonds and related sales- and property-tax incentives for the five-unit Morrow Flats project at 716 Morrow Street; the developer plans about $800,000 in improvements and a performance-based property tax abatement.
The Manhattan City Commission on June 17 approved a resolution finding it advisable to issue industrial revenue bonds (IRBs) and to enter an economic development agreement with Midtown Holdings LLC for a five-unit housing project at 716 Morrow Street.
Stephanie Peterson, director of community development, told commissioners the presentation closely matched one brought to the commission on May 13 and summarized the package for Morrow Flats: a reimbursement-based workforce housing sales-tax grant, an IRB sales-tax exemption and a performance-based IRB property-tax abatement. "We had this project for you back on May 13. So the presentation is very similar to what you saw then," Peterson said.
The packet and staff…
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