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“$2.1 million, or 73%, in real property taxes.” The project doesn’t work with an additional $210K in annual expenses?
If the city is going to continue giving away our property taxes for private for-profit developments requesting property tax abatement, then the city should demand perpetual 24/7 maintenance and upkeep on these rental communities. We can assume, based on what we currently see out there, that the 7 below market rate units will have tenants with no experience in maintenance or upkeep, or the energy for it. If the developer wants free money in reduced taxes, they should commit to a clean and healthy maintained development.
They are not giving away taxes. The current property pays very little taxes as it’s not developed. Giving a tax abatement only delays the taxes the city will receive from the property. But this does not raise the total amount of taxes the city receives it only helps disperse the total tax amount collected.
More substandard development.
What do you consider substandard development 🤔 and what do you suggest they do to bring it up to standard?