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Council approves five-year tax stabilization for Bogner Drive property after discussion of prior commitment
Summary
The Newport City Council approved a five-year tax stabilization agreement for parcel 124044 (172 Bogner Drive), concluding a matter raised in 2022; NEK Development Corp. said it invested about $2 million renovating the building and that Track Inc. is a tenant and will expand local jobs over time.
The Newport City Council voted on Feb. 2 to approve a five-year tax-stabilization agreement for parcel 124044 (172 Bogner Drive), a property renovated and managed by Northeast Kingdom Development Corporation (NEKDC).
Rick Isbell of NEKDC described the project and financials: NEKDC acquired and renovated the Bogner building with roughly $2 million in renovation costs and has leased the space to Track Inc., which already employs local staff and expects to add about 20 positions over the next five years. "Part of Newport's investment is securing those jobs in Newport and the potential for additional jobs in Newport," Isbell said.
Council discussion focused on whether stabilization could or should be applied retroactively for work completed before the agreement and whether prior council commitments in 2022 created an obligation. Officials said the city policy generally prohibits retroactive stabilization; Isbell indicated NEKDC would accept a forward-looking five-year agreement rather than seeking retroactive application.
Council approved a motion to grant a five-year tax stabilization to commence with the 2026 tax year, contingent on timely development and execution of a stabilization agreement consistent with municipal policy by April 1, 2026. The motion passed by voice vote.
