Another Tax Abatement

[AllanY2525]

I noticed the article also mentioned that this building (Wells bldg.) will get a $5 million make
over and it qill have apartments on the upper floors.  No doubt some of the  residents in the
new apartments will be tax payers as well as patrons of the downtown businesses.

It will be nice to see the Wells building put back into service again.

[joly1584]

Here is the link to the article:

http://www.vindy.com/news/2014/dec/02/council-mulls--increase-in-sewer-rates/

It is a 75% tax abatement and the city will still get $91,588. That is better that the $0 the city has been getting the past several years the city has owned the building.

[jay]

The result is $274,763 in much needed property taxes would not be collected over the next ten years.

[AllanY2525]

Do you have a link to the article?

[jay]

According to an article in the Youngstown newspaper, city council will vote on giving a tax abatement to an architectural firm changing locations in downtown Youngstown.