Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves pilot/TIF-style tax incentive for 26 Farris St. after debate and public opposition
Summary
The council authorized a local tax incentive and companion pilot/PILOT agreement for a redevelopment at 26 Farris St. that will create 28 units downtown and deliver four affordable units, while EDIC and staff said the city’s pilot agreement will recapture any forgone tax revenue.
The City Council approved an agreement authorizing a local tax incentive for a proposed $6 million-plus redevelopment at 26 Farris Street that would create 28 residential units, with three units pledged at 60% area median income (AMI) and one additional unit at 30% AMI.
Jim Caudell (EDIC) told the council the development team supported the proposal and said the city would be "made whole" through a companion pilot agreement that recaptures the amount of any locally-forgone taxes over the five-year incentive period. Caudell described the package as enabling the owner to qualify for state tax credits that otherwise would be unavailable.
Several neighborhood residents…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
