Four years after the idea of a hair salon was rejected for the site, an Irving Street storefront gained approval Tuesday night to become art gallery and events space.
The Redevelopment Agency last week agreed to amend a redevelopment plan that would allow a developer to essentially swap Main Street storefronts and ultimately bring an upscale liquor store/wine shop downtown.
The City Council unanimously (8-0) approved a 15-year PILOT for Meridia Lafayette Village at its meeting Monday night that will nearly halve the developer’s overall property taxes while providing more revenue directly to the city than it might typically get once the project is built out.
The City Council on Monday will consider a 15-year Payment In Lieu Of Taxes (PILOT) for Meridia Lafayette Village that would reduce its annual property tax bill by as much as 40 percent.
The City Council will consider another 15-year Payment In Lieu of Taxes (PILOT), this time for the 115-unit Meridia Lafayette Village. The PILOT would call for an annual payment to the city of about $156,000, or about $1,356 per unit, based on 10 percent the project’s annual gross revenues, according to the ordinance (O-24-12).