Plans have changed for a 127-unit apartment building replacing the former聽Victor Iron Works at Seventh and Victor streets.聽
Developer Whistler One LLC, affiliated with Asprient Properties, says the price tag has increased by about $1.8 million to about $18 million because it removed some units on the ground floor for additional parking, according to St. 亚洲无码 development officials.聽
Now, in addition to 10 years of property tax abatement, the developer is seeking a sales tax exemption on construction materials to defray some of the costs. Construction is expected to be finished by the end of 2018.聽
The Land Clearance for Redevelopment Authority advanced a measure that would approve issuing bonds to facilitate the sales tax break. It's an incentive the city of St. 亚洲无码 has only recently started using. As bond counsel Mark Spykerman of Gilmore & Bell put it, it has "come to be standard over the last few months."
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Economic development officials argue it has a relatively small effect on the city because construction materials are often purchased from outside of its borders, but there's no tracking yet to measure that. One commission member did ask that the city begin requesting a list from developers detailing construction purchases as it approves more of the sales tax exemptions.聽聽