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Council approves development agreement for proposed 12-unit West Maran Street project
Summary
After a brief staff presentation and no public comment, the council adopted Resolution 90 approving a development agreement for a proposed 12-unit apartment on West Maran Street; staff said the project uses a nominal 85% tax-rebate structure, with exclusions reducing the effective rebate to about 55–60%.
The Manchester City Council adopted Resolution 90 after a public hearing on a development agreement for a proposed 12-unit apartment project on West Maran Street.
City staff described the proposal as an investment of "a little over a million dollars" and said the project’s financing relies on an 85% tax-rebate structure. Staff cautioned that certain levies — specifically debt-service levies shared among the city, county and school district — are not eligible for rebate, which reduces the practical rebate closer to 55–60 percent of the eligible increment, according to the presentation.
No members of the public offered comment during the hearing. The council closed the hearing and moved to adopt the resolution approving the development agreement; the motion carried on a recorded roll call.
Council and staff noted that the 85-percent figure in the rebate formula reflects the portion of taxable increment eligible for rebate, not the amount of new tax revenue the developer will keep. Staff said the exclusions of certain levies and statutory limits affect the final net benefit.
What happens next: Staff will finalize the development agreement paperwork and proceed with any administrative steps required by city code. The council did not set further conditions in the meeting record; follow-up items will appear on future agendas if needed.
Reporting note: The developer’s name in the transcript is rendered as "Wes schy." That spelling appears in the meeting record and was used here as presented.
