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Finance Committee forwards conditional grant for 505–507 Amherst Street to full council
Summary
The Finance Committee recommended the City Council conditionally approve a business development tax-abatement grant for Louis Properties LLC for vacant buildings at 505 and 507 Amherst Street under Winchester's Enterprise Zone rules; the grant is tied to completion milestones and a 24-month deadline.
The Winchester Finance Committee voted to forward to the full City Council a resolution recommending conditional approval of a business development grant for Louis Properties LLC for the vacant properties at 505 and 507 Amherst Street.
The measure would apply Winchester’s Enterprise Zone business development grant rules to provide a five-year, incremental tax abatement equal to 50% of the increase in assessed value attributable to improvements (the new assessed value less the old assessed value). Jeff Bittner, executive director of…
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