November 17, 2024 1:23 am
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Micro-apartment project may receive property tax incentive

Micro-apartment project
Micro-apartment project
A city subcommittee cleared a development agreement on Wednesday for an apartment project on the corner of Second and McKinley streets. /Eric Jakows/Downtown Devil

By Daniel Perle | Downtown Devil

A proposed 19-story apartment complex at the northwest corner of Second and McKinley streets may be receiving a tax incentive, which would decrease the developer’s property tax payments.

The Downtown, Aviation and Redevelopment Subcommittee voted on Wednesday to send the development agreement to City Council. Under the proposed plan, the city would enter into a 25-year Government Property Lease Excise Tax agreement with Amstar/McKinley LLC for its “Derby Roosevelt Row” project. GPLET agreements have been used by the city to encourage development downtown.

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