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Developers pitch 30-year tax exemption tied to affordable-housing conversion; council questions timing
Summary
Applicant counsel said converting an existing mixed-use project to Chapter 188 affordable housing and a 30-year tax exemption would increase the city’s service charge to about $3.8 million over the term and add affordable units; council members pressed for timing, fiscal tradeoffs and tenant-protection details.
Jim McCann, attorney for an applicant seeking a 30-year tax exemption and financial agreement for properties on Newport Parkway, told the council the project is an existing affordable-housing development that would be converted to a formal Chapter 188 affordable housing arrangement.
McCann said the conversion would raise the city’s service charge from roughly $2 million under the current arrangement to about $3.8 million under the proposed financial agreement and would…
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