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Council postpones vote on 1333 M Street SE tax abatement after members question $61 million estimated foregone revenue
Summary
Councilmembers debated a real property tax abatement for 1333 M Street Southeast in Ward 6 and voted to postpone final action to the next legislative meeting after concerns about the total foregone revenue and need for more time to review the financial analysis.
The Council on May 6 postponed final action on a proposed real property tax abatement for 1333 M Street Southeast, a multi-phase development in Ward 6, after several members raised questions about the project’s fiscal analysis and long-term benefits.
Chair Phil Mendelson and Councilmember McDuffie described the abatement as a tool to move a long-stalled redevelopment forward. The measure would cap taxes on the property at current levels and provide a tax abatement for amounts in excess of $150,000 per year for 15 years starting in 2029, according to Council discussion on the floor.
Financial questions and debate:…
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