In response to concerns from the city council, a developer has lowered the large tax abatement that it is seeking as it aims to build nearly 80 apartments and town homes and a few shops just north of downtown.
The Mishawaka Common Council is scheduled to vote on the five-year abatement at its meeting Wednesday.
Rather than save more than $1.2 million for the developer, the Barak Group, it would instead cut property taxes by $780,134, according to estimates that the developer’s attorney, Richard Deahl, submitted Monday.
And rather than pay just $137,436 over the course of five years, Barak Group would pay an estimated $459,448 instead.
The council will meet at 7 p.m. Wednesday at City Hall, 600 E. Third St. City planner Ken Prince said he expects to give a brief presentation on the new proposal’s details.
The council had postponed voting on the abatement at its last meeting Oct. 21. Some members wanted more time to study it. Prince said council members have expressed concerns about the high numbers.
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See the full article here:
http://www.southbendtribune.com/news/local/article_14a51aa8-45a4-11e3-9914-0019bb30f31a.html
See the full article here:
http://www.southbendtribune.com/news/local/article_14a51aa8-45a4-11e3-9914-0019bb30f31a.html
