From the Terre Haute Tribune-Star:
The Terre Haute City Council approved a 10-year real property tax abatement Thursday for Warren Village, L.P., a planned low- to moderate-income housing development at the site of the former Warren School on North 25th Street.
The abatement, worth an estimated $475,974 over the next 10 years, was approved unanimously by the seven members of the nine-member council present at the 6 p.m. monthly meeting.
Last year, city officials, including the City Council, gave their seal of approval to the Warren Village project, which was being coordinated by the Terre Haute Housing Authority. Those approvals helped secure government funding for the project, Housing Authority officials said at the time.
Warren Village will include 24 housing units in the existing Warren School building, which is at 1300 N. 25th St. An additional 87 units will be built in the building’s rear.
Warren Village will pay an estimated $542,019 in real property taxes over the life of the abatement. Typically, real property tax abatements forgive about half of the property taxes due during a 10-year period.
The total cost of the project is estimated at $10 to $12 million, said Lou Britton, who spoke to the council about the project at last week’s “sunshine” meeting and at Thursday’s regular meeting.
...
http://tribstar.com/local/x1023282961/Eastside-development-gets-abatement
