More than $1.8 billion in real estate is exempted through the program this year, representing $22 million in uncollected tax revenue. Some observers say it’s all become little more than a welfare program for developers.
It turns out that the city code doesn’t require the building that’s rehabilitated to be an existing structure. In other words, a developer could ship in a 20-year-old shed from just about anywhere, drop it on the site, and start constructing a new, tax-free apartment complex tomorrow. Link
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In an effort to spur development, the city will forgo $22 million in uncollected tax revenue this year.
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