A joint committee of the City Council Tuesday night approved by a 9-1 vote a tax abatement for the next phase of the Steelpointe Harbor redevelopment area, a $100 million project that includes 400 units of market-rate housing, hotel and retail as well as more than $2 million in building fees due at the start of construction along East Main Street and Stratford Avenue.
Under the terms of the agreement, the developer will pay taxes on the cost of the land for three years annually, $23,900, during the construction and occupancy phase. Tax payments will increase to $1.26 million in 2025, rising by two percent each year, reaching $1.47 million in the final year of the abatement. Full standard taxation will then commence.
Yes votes: Jorge Cruz, Michelle Lyons, Marcus Brown, Matt McCarthy, Scott Burns, Ernie Newton, Jeanette Herron, Rosalina Roman-Christy, Maria Valle.
(Editor’s note: an earlier version of this article noted a yes vote by Aidee Nieves. She participated in meeting but did not issue a vote on the matter. As council president she typically votes on committee matters only when a quorum is required. A quorum had been established without her presence.)
Council newcomer Tyler Mack was the lone no vote.
Three council members Maria Pereira, Mary McBride-Lee and Avelino Silvia were absent from the virtual meeting of the joint contracts and economic development committees.
The measure now goes before the full council in January where it’s expected to win final approval based on this joint-committee vote.