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Roanoke council to consider ordinance tying partial tax exemptions to $50 million urban investments
Summary
Deputy city attorney introduced a proposed ordinance that would allow partial real-estate tax exemptions for parcels inside a qualifying urban-center site once qualifying investment reaches $50 million within seven years; council will consider adoption on Jan. 20.
A proposed Roanoke City ordinance would open the door to partial real-estate tax exemptions for large-scale urban-center developments that meet a $50,000,000 qualifying-investment threshold.
Deputy City Attorney David Collins introduced the measure on Jan. 5, describing a two-step program in which developers file an application for an initial site of at least 100 acres. "Once this $50,000,000 investment is reached, that opens up the parcels within the initial site to receive a partial tax exemption," Collins said during the…
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