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Committee endorses six‑year tax abatement for Wharf Partners’ Cascade Phase 2
Summary
The Community Investment Committee voted to forward a confirming resolution (Bill 26-12) recommending a six‑year mixed‑use tax abatement for Wharf Partners’ Cascade Phase 2, an estimated $50 million private investment with roughly 22–32 residential units and over 30,000 square feet of commercial space.
The Community Investment Committee voted to forward Bill 26-12, a confirming resolution recommending a six‑year mixed‑use tax abatement for Wharf Partners’ Cascade Phase 2, after a staff presentation of the project and tax‑revenue estimates.
Eric Glavich, director of growth and opportunity, described the Phase 2 proposal as an eight‑story, roughly 112,000‑square‑foot mixed‑use building on the East Bank, with an estimated 22–32 residential units (depending on bedroom mix), more than 30,000 square feet of commercial space, and private investment of about $50 million. Staff estimated roughly 15 new jobs tied primarily to building management and commercial tenants.
Glavich said the proposed incentive would be a six‑year mixed‑use abatement. He presented tax‑estimate figures showing approximately $2.7 million in abated taxes over six years and estimated revenue inflows of roughly $2.4 million to $2.5 million over that period. He also said residential units would receive the abatement only while owned by the developer; the abatement would end for units sold, while commercial space would receive the full six‑year abatement.
After brief committee discussion and no public comment, a motion to forward the confirming resolution with a favorable recommendation passed on roll call with all members present voting aye. The bill will go to the full council at 7 p.m.
