From the Salem Leader:
The Salem City Council took steps during its meeting Monday to grant a tax abatement for the Cobblestone Hotel project.
The board adopted two resolutions. One establishes an economic development target area for the 9.79 acre site on East Hackberry Street where the hotel is under construction. That designation is needed before a tax abatement can be granted.
The other resolution granted 10-year abatements on both property and real estate. Most tax abatements eliminate property taxes for a year, then phases them back in over the life of the abatement.
The votes were not unanimous. Councilman Ron Haendiges abstained since he is one of the investors in the project.
Drew Wright, attorney for city, led the council through the process. He said that Cobblestone plans to employ 10 to 12 people.
The estimated value of the project is $1,969,000 and the estimated value of personal property, including information technology equipment, at $40,000.
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http://www.salemleader.com/main.asp?Search=1&ArticleID=7642&SectionID=2&SubSectionID=20&S=1
