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Commission authorizes intent to issue IRBs, approves sales-tax exemption for Cedarhurst senior living project
Summary
The Manhattan City Commission voted 4–0–1 to approve a resolution declaring the city—s intent to issue industrial revenue bonds and allow a sales-tax exemption for Cedarhurst of Manhattan, a market-rate senior living development expected to cost about $31–32 million.
The Manhattan City Commission on Feb. 18 approved a resolution declaring the city—s intent to issue industrial revenue bonds (IRBs) and to authorize a sales-tax exemption for Cedarhurst Of Manhattan Real Estate LLC, clearing the first procedural step for a market-rate senior living development.
The resolution, recorded as Resolution No. 021825-b, passed 4–0–1 with Commissioner Mitten abstaining. The motion to approve the resolution was moved and seconded during the meeting; the roll call showed Commissioners O—Pelt, Mota and Adamczyk and Mayor McCullough voting yes, Mitten abstaining.
City staff said Cedarhurst is a roughly $31 million–$32 million project that will include an 89-unit assisted-living and memory-care building, 22 independent-living cottages and supporting site work. Deputy City Manager Jason Hilgers said the…
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