jaycola
Active Member
I'm curious as to how much value the buildings in question have to the city when we consider the property tax implication of this project. Assuming they build 2100 residential units (though the number 2600 had been mentioned as well) at an average value of $500,000 that would be $1 Billion and 50 Million in residential property value. At a mill rate of .08%, that would be nearly $8.5 million annually in property tax alone.
Add to that a commercial component and you could be looking at $10 million in property tax revenue per year.
Would we be willing to sacrifice mundane industrial buildings for millions in tax revenues?
Add to that a commercial component and you could be looking at $10 million in property tax revenue per year.
Would we be willing to sacrifice mundane industrial buildings for millions in tax revenues?