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Council approves 10-year tax-increment rebate for downtown renovation at 1224 Main Street
Summary
The council authorized a private development agreement with BT Holdings LLC for the renovation of 1224 Main Street, approving a 10-year tax-increment rebate on the increase in assessed value after a developer-stated $400,000 renovation.
The Cedar Falls City Council on Tuesday approved a private development agreement with BT Holdings LLC for renovation of the building at 1224 Main Street, authorizing a 10-year tax rebate on the increment of property tax generated by the increase in assessed value.
Shane Graham, economic development staff, told the council the owner plans a complete renovation of upstairs living areas and updates to plumbing, electrical and HVAC. The owner estimates the project will cost approximately $400,000 and…
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