At tomorrow’s meeting, the Council will consider approving a Revitalization Tax Credit (RTC) of 60% for a 15-year term and approve the associated Term Sheet to the Bozzuto development. The proposed tax credit will be possible if the Council approves the enabling ordinance 18-O-01.
The approved Bozzuto project includes 393 residential units and between 60,000 and 70,000 square feet of retail space at the former Quality Inn and Plato’s Diner site on Route 1. Bozzuto has indicated that a 60% abatement would help to facilitate this project.
Even with the 60% abatement, the City would continue to receive 100% of the City property taxes on the current or base value and will see a 227 percent increase in property tax revenue compared with what it would have made if Quality Inn and Plato’s Diner were still in business.
You can find more about this tax incentive program here on Diamondback paper: https://goo.gl/cNxR5y.
Please see below a chart showing the total amount of total amount of tax credits the City has provided to the previous, existing developments and plans to provide to Bozzuto.
A public hearing will take place about the proposed (upto) 60% tax abatement (ordinance 18-O-01) at the start of the meeting at 7:30pm, Tuesday at the Council chamber, 2nd floor of the City Hall (4500 Knox Road). Please get a free visitor parking pass from the window on the first floor. If you cannot attend the hearing, please send your comments to the Mayor and Council before 5pm tomorrow at firstname.lastname@example.org