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Developer asks City of Perry to restore earlier tax-abatement timing to unlock Phase 2 financing for Prospect/Greater Apartments
Summary
Representatives for Prospect/Greater Apartments told the City of Perry council they need an earlier real-estate tax exemption to refinance Phase 1 and free land collateral for Phase 2. Council directed staff to draft a revised abatement contract (100% for five years, 75% for five more) with accountability and reporting and bring it back for approval.
Representatives for Prospect/Greater Apartments told the City of Perry council on April 28 that a timing change to the city’s previously offered real-estate tax abatement is blocking their ability to refinance Phase 1 and secure construction financing for Phase 2.
Michelle Dawn, who identified herself as part of the project team, and the project’s presenter (speaker 9) described a project launched in 2016 that suffered storm-related delays and moved to construction in 2022. They said Phase 1 (160 units) is roughly 74% leased and that they have used concessions such as waiving application and administrative fees and offering multi-week move-in concessions to boost lease-up.
The presenter said the developer expected the…
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