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Developers secure five‑year tax‑increment exemption for 99‑unit Canal Street project
Summary
The council approved a five‑year tax‑increment exemption (TIE) to allow two developers to pursue state HDIP funding for a 99‑unit Canal Street redevelopment; debate focused on unit counts, fire‑safety plan changes that reduced unit count and the project's $2.5 million bridge investment.
The council voted to approve a five‑year tax‑increment exemption to help the Canal Street redevelopment move forward and to enable the applicants to apply for state Housing Development Incentive Program (HDIP) funding.
Developers identified in the meeting as the Trejo brothers described changes to the project’s plans after consultation with the fire department. That redesign—moving parking inside the building rather than in a separate parking structure—reduced previously discussed unit counts. Project representatives said the finished project will be 99 units; a councilor noted an…
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