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Augusta approves industrial revenue bonds, tax-abatement deal for Country Club Towers rehab
Summary
The Augusta City Council approved Ordinance No. 2259 authorizing taxable industrial revenue bonds totaling $5.755 million for Country Club Towers LLC and a 10-year payment-in-lieu-of-taxes set at $21,085 per year, after a required public hearing and updated cost-benefit analysis showing a 2.21 benefit-cost ratio.
The Augusta City Council on Dec. 15 approved Ordinance No. 2259 authorizing the issuance of taxable industrial revenue bonds, series 2025, for Country Club Towers LLC in the aggregate principal amount of $5,755,746.14 to finance acquisition, renovation, construction and equipment of a residential apartment facility.
City staff presented an updated cost-benefit analysis and said the revised…
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