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No, No, No. The city is going to be completely broke when this is all over and these greedy developers want even more?
Rhea, Did you read to the end? See below. Property taxes paid on this land will rise dramatically.
“Union @ 16th is expected to increase the tax value of the property by about $8.5 million. The proposed breaks would save the developer about 69%, or $1.4 million, in real property taxes.
The firms would still pay about $619,974 in real property taxes over the abatement period, along with taxes tied to the land’s current value, about $15,213 annually based on 2019 figures. After the 10-year period, they would pay about $217,035 annually on the new improvements.”
Rhea,
They are also providing affordable housing. Given all the new apartments, hotels, etc. paying taxes it is doubtful that the city is going to go broke. Got to love the people that pull the automatic “greedy” developer stick.
Jeffrey,
You mean all those developments and hotels that received sweetheart abatement deals of their own, that are largely conveniently located within the downtown TIF District? Your logic is hollow and intent misguided.
As for talks about the City’s finances, has no one been paying attention the past decade and a half (even longer actually). Thankfully, the State has property tax caps because Marion County has done nothing to prove they can manage themselves responsibly.
Yes I read the story. Can nothing be built without the city having to forego taxes?
On the whole this is a good deal… hard to grasp that we need incentives like this but we do and the resulting controlled housing stock is good for a portion of our population that keeps getting pushed to the edges of the county where transportation and services are slim. Social engineering and urban planning both need a nudge sometimes to do the right thing!
We actually don’t “need” them.
They should come see me, I’ve got some property they could purchase that is in a better location, twice the space for a little bit more.
I hope the development includes some form of street-level activation and commercial space. The Annex is really ugly and doesn’t take advantage of its riverside location.