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Developer and staff say TIE for 216 Canal St. would increase taxes over current commercial use; committee forwards request
Summary
Developer representatives and staff told the committee that converting 216 Canal St. to residential with a five-year tax-increment exemption (TIE) would raise assessed taxes well above current commercial payments despite initial percentage abatements; the committee voted to send the TIE to the full council after reviewing rent comparisons and tax estimates.
The Budget & Finance Committee voted Dec. 11 to forward a tax-increment/ tax-exemption (TIE) request for 216 Canal St. to the full council after a second-round discussion with city staff and the developer.
Chair Stephanie Fante read an email from developer Jesus Trejo that argued the project's rents are already below 80% AMI and that forcing the smart growth overlay (which would…
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