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Council debate focuses on Martin Tower site: LERTA, lost tax revenue and feasibility concerns
Summary
Council members and the mayor discussed whether tax incentives (LERTA) should be targeted to the Martin Tower site to spur housing and whether the city is losing revenue while the site remains undeveloped; officials cited financing, construction costs and recent tax-credit awards elsewhere.
Council members discussed the future of the Martin Tower site and whether targeted tax incentives or other agreements could prompt development of rental housing.
Councilman Callahan summarized his view that the owners have no near-term plan to submit zoning changes and said the project would likely remain inactive until interest rates and construction costs improve. “There is absolutely no plan…there is nothing, that they will submit because the…
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