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Commission approves IRB advisability and authorizes economic deal for 727 Points Ave redevelopment (3–2)
Summary
The commission approved a performance‑based industrial revenue bond (IRB) and authorized an economic development agreement for the proposed 'Hartford' mixed‑use project at 727 Points Ave by Hutton Development, contingent on annual performance and occupancy thresholds; the votes were 3–2 after a lengthy public hearing.
The Manhattan City Commission voted 3–2 on Dec. 17 to determine the advisability of issuing industrial revenue bonds and to authorize city administration to finalize an economic development agreement for the proposed Hartford mixed‑use redevelopment at 727 Points Avenue (the Commerce Bank site).
City staff described a performance‑based abatement and IRB structure that links the percentage of property‑tax abatement to construction investment and first‑floor commercial occupancy. Staff said the full project would represent roughly a $15 million investment, with about 19,000 square feet of first‑floor commercial space and 54 residential units on the floors above. Staff also noted a sales‑tax exemption on construction materials and proposed a baseline payment model intended to guarantee some tax…
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