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Lebanon approves Chapter 100 bond for Cedar Ridge apartments, council OKs tax abatement and bond structure
Summary
The Lebanon City Council approved Chapter 100 industrial development revenue bonds for the Cedar Ridge apartment project, a $42.1 million, 216-unit development at 634 Fremont; bond counsel said the city is not liable for bond payments and the project includes a conditional 100% tax abatement for up to 10 years.
Lebanon, Mo. — The Lebanon City Council approved Chapter 100 industrial development revenue bonds for the Cedar Ridge apartment project at 634 Fremont, authorizing a financing package for a $42,100,000 development that aims to create 216 apartment units and use construction sales tax exemptions.
The public hearing drew a brief presentation from David Martin of Gilmore & Bell, who served as bond counsel, and remarks from Emily Givens of Bridal Property. Martin explained the financing structure and said the bonds will be…
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