The city finance committee took no action Monday on a request from the owner of one of the last blighted buildings in the Newcastle Street downtown commercial strip to waive building fees and abate $40,000 in property taxes over 10 years.
Owner Robin Durant, one of the investors involved in the project, applied for the waiver of fees adding up to over $46,000. According to the application for the waiver and abatement, the project will add 5,000 square feet of commercial space to downtown and 35 jobs – five full-time and 30 part-time.
“Robin Durant has submitted an enterprise zone application for the Pinnacle Assets building rehabilitation project located at 1400-02 Newcastle St.,” according to a memo from Downtown Development Director Mathew Hill to the committee.
In enterprise zones, a municipality can waive building permit fees, business license fees and property taxes.
The project is being funded partly by a group of investors, including Durant and history property preservation grants, according to the application for the waiver and abatement.
In this case, the applicant is asking the city to waive first-year building permit fees, license fees and property taxes. Property taxes would continue to be abated at decreasing percentages — from 80% to 20% to 0% — over 10 years.
