Thursday, June 5, 2014

Reporter Reports Boone County Approves Tax Abatements for "Spec" Building

From the Lebanon Reporter:

In a split decision, the Boone County Commissioners Monday approved tax abatements for a 770,000-square-foot building in Allpoints at Anson.

The $16 million structure — called a “spec” building because it’s being constructed with no guarantee it will be occupied — will be constructed by J.B. Partnership in hopes of attracting one or more tenants, said Bryan Brackemyre, executive director of the Boone County Economic Development Corp. The partnership will save about $1.4 million in property taxes over the abatement’s 10-year period.

An abatement does not eliminate property taxes, but applies them at a progressive rate over the decade it is in force.

“It’s a substantial project for us,” Brackemyre said. The building will be south of Albert S. White Boulevard (County Road 400 South).

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