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Developers pitch 155‑unit Yellow Tree apartments; request preliminarily framed around up to $300,000 annual tax rebate
Summary
Yellow Tree Development introduced a proposal for about 155 market‑rate apartments in New Prague and, through Baker Tilly, asked the council to consider tax abatement support as part of financing; staff said the full $300,000 request cannot be met by the city alone and will require county and school participation.
Developers with Yellow Tree introduced a proposal Sept. 9 to build roughly 155 apartments on nearly five acres near Ravenstream Elementary and asked the New Prague City Council for initial feedback on a request for tax abatement assistance to make the project financially feasible.
Mikayla Hewitt of Baker Tilly explained the tax‑abatement mechanism as a partial rebate of incremental taxes to improve project cash flow. She said the developer’s pro‑forma assumes a total development cost just under $40 million and an initial taxable value estimate in the range of about $34.8 million. Baker Tilly’s…
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