Summary
A $61.6 million, 229-unit apartment building with 15,000 square feet of commercial space next to the COVE Innovation Center gets a 10-year, 100% property tax exemption. The city's share of forgone taxes is about $1.6 million over ten years; county and school district sign-offs are still pending.
At a glance
- Total mentions
- 2
- Last 30 days
- 2
Discussed at 1 meeting in the last 60 days; most recently Oct 26, 2026.
Impact analysis
City share: about $166,000/year in forgone taxes ($1.6M over 10 years), against an $8 million total exemption if the county and schools participate.
The developer gets certainty to build; the city gets infill housing near jobs and 11 affordable units under the new policy.
Opponents of tax incentives note the city forgoes property tax revenue for a decade and other taxing jurisdictions still must decide whether to participate.
Mentions & discussions (1)
Related development
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