From the Northwest Indiana Times:
Buildings proposed by developer Ronald Morris in separate industrial complexes have been approved for a 10-year tax abatement.
Morris is planning a building valued at $605,400 at 601 112th Ave., in the Crown East complex, and another valued at $728,000 at 10416 Broadway, in an extension of the Millennium Park complex.
Tenant businesses are to be sought, with expectations of hiring five employees with total payroll of $127,000 in each of the two buildings, according to information filed with the city by Morris.
"Each will be good for Crown Point," said attorney Daniel Zamudio, who represented Morris before the City Council economic development committee and the full City Council, which approved the tax abatement.
Morris's past accomplishments in Crown Point were considered by officials in voting to approve abatement for the projects.
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Tax abatement permits a business to pay a portion of its property taxes in increasing increments over a period of time, during which the business must meet expected levels of employment and payroll.
http://www.nwitimes.com/news/local/lake/crown-point/c-p-approves-tax-abatement-for-commercial-buildings/article_3e7c7a4b-c06e-5ed5-a934-af9bef1ddc03.html
