A developer received the Bellefontaine City Council’s blessing to receive property tax abatements for condominium development on the city’s east side.
With Allen Hadley and Kyle Springs absent, the five members present approved a resolution accepting Two Three Development LLC’s application for a community reinvestment area project.
Two Three will be able to use the tax break as an incentive to homebuyers in the Allen Wood project between Heatherhill and Greentree drives. The abatement stays with the property and benefits the homeowner.
Service-Safety Director James Holycross told the Finance Committee that Two Three plans to build at least six housing units a year so it can qualify for the maximum 100-percent, 12-year exemption on each condominium.
Read complete story in Wednesday’s Examiner.
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