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The eventual owners of 279 proposed residences in Kendall Yards will not have to pay property taxes on new construction for 12 years.
The Spokane City Council on Monday voted 5-0 to accept Greenstone Corp.’s application for multifamily tax exemptions on the portion of Kendall Yards west of Maple Street. Kendall Yards is a 78-acre development west of Monroe Street, just north of the Spokane River. About 200 residences east of Maple Street are eligible for exemptions as well, but Greenstone has not yet applied for them.
Greenstone, which purchased the property last year, plans to build about 1,200 residences in the development.
The exemption program is aimed at encouraging residential growth downtown and in several neighborhood centers throughout the city.
Spokane Building Official Joe Wizner said Greenstone has applied for a building permit for a townhouse with four units, a townhouse with five units and four single-family homes in the 1800 block of West Bridge Avenue. Greenstone President Jason Wheaton said the company plans to start construction on the structures by the end of the month. They would be the first residences built on the land since planning began more than two decades ago to redevelop the former railroad property.
Council members Stever Corker and Nancy McLaughlin were absent from Monday’s vote.
Jim Camden is a veteran political reporter for The Spokesman-Review.
Jonathan Brunt covers Spokane City Hall for The Spokesman-Review.
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CharlesBillford on March 16 at 12:45 a.m.
Another irresponsible give away….
Ron_the_Cop on March 16 at 8:57 a.m.
As I wrote in Brunt’s article comment thread on this:
Jonathan,
The TIF financing may be water under the bridge however the property tax exemption could be beyond the pale:-) This is prime riverfront property. I have major equity issues re giving the property tax exemption as well to spur development. I’m familiar with this exemption for “infilling” along arterials but this is OVER KILL. I would hope that the City Council amends the ordinance to delete this property as it doesn’t really fit the intent of the exemptions.
This is DOUBLE DIPPING on the taxpayers wallets when the tax burden is already quite high.
http://www.spokesman.com/stories/2010/mar/13/kendall-yards-tax-benefit-sought/?comments#c128639