The developers of the Logan Park Lofts in Auburn will not pay property taxes for the first five years of the development's operation beginning July 2010, according to an agreement with the Auburn Industrial Development Authority.
AIDA approved the 20-year agreement with Logan Street LLC at its meeting Tuesday, but details were not immediately known.
The agency said Wednesday that the deal provides for payments in lieu of taxes on a high-end apartment and townhouse complex that is expected to be finished at the end of the year, or early in 2010.
According to the agreement, developers will pay taxes based on the investment amount of $1.3 million and the taxable value will increase at an annual rate of 0.6 percent.
When developers begin to pay on the unit in 2015, the taxable value will be $1.332 million.
After the end of the PILOT agreement, Logan Street LLC will pay full taxes on the property.
The property, a former piano factory located at 9-11 Logan St., is currently assessed at $140,000, according to county tax records.
The agency said Wednesday that the deal provides for payments in lieu of taxes on a high-end apartment and townhouse complex that is expected to be finished at the end of the year, or early in 2010.
According to the agreement, developers will pay taxes based on the investment amount of $1.3 million and the taxable value will increase at an annual rate of 0.6 percent.
When developers begin to pay on the unit in 2015, the taxable value will be $1.332 million.
After the end of the PILOT agreement, Logan Street LLC will pay full taxes on the property.
The property, a former piano factory located at 9-11 Logan St., is currently assessed at $140,000, according to county tax records.
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brew1234 wrote on Feb 12, 2009 11:34 PM:
FS II wrote on Feb 12, 2009 9:41 PM: