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Commission approves IRB for 827 Morrow workforce housing; abatement tied to performance
Summary
The commission approved a resolution finding it advisable to issue industrial revenue bonds for a workforce-housing project at 827 Morrow Street and authorized an economic development agreement; the structure ties property-tax abatement to the developer’s investment and yearly lease performance.
The Manhattan City Commission on Monday approved a performance-based industrial revenue bond (IRB) arrangement and authorized an economic development agreement to support a workforce-housing infill project at 827 Morrow Street. Both measures passed 4-1.
Stephanie Peterson, director of community development, told the commission the request is structured as a pilot-style property-tax abatement that would apply only to incremental value created by the new housing and would be paid only if the project meets investment and lease-rate conditions spelled out in the development agreement. The motions carried with one commissioner voting no on each item; the no vote was recorded by Commissioner Adamczyk.
Developer Zachary…
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