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New Prague council presses developer over $2M abatement request, takes no final vote
Summary
Council heard Baker Tilly analysis showing a financing gap for a proposed large housing project and debated whether a 75% tax abatement (converted to a sliding scale) is appropriate. A motion to approve the abatement died for lack of second; staff will continue talks with the developer.
Councilmembers spent a large portion of the Nov. 18 meeting debating a proposed property tax abatement for a multi-hundred-unit housing project presented by developers (Yellow Tree) and summarized by Jake from Baker Tilly Municipal Advisors.
Baker Tilly’s pro forma scenarios showed substantial sensitivity to participation by taxing jurisdictions: one scenario without abatement produced a debt-coverage ratio of about 0.86…
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