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ChatGPTClaudePerplexity· Related development
TIRZ #1 board adds a $200,000 grant to the 600 S. Tyler residential agreement
The board had approved a 90% property tax rebate for 15 years in April 2019 for a residential project by Chase Tower, LLC at 600 S. Tyler, with a certificate of occupancy due by July 2020. After the budget for the 14-apartment project rose to $3,042,376, the board voted unanimously to add a $150,000 grant payable at completion and $10,000 a year for five more years ($200,000 in all) and to extend the certificate-of-occupancy deadline. In August 2021 it extended the deadline again, to November 1, 2021.[1][2]
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Freeman told the board the 600 S. Tyler project would have 14 residential apartments and a budget of $3,042,376, $942,376 more than the preliminary budget, and that the applicant had asked for a $150,000 cash grant at completion plus $30,000 a year for five years. On a motion by Joseph Peterson seconded by Leon Church the board voted unanimously for a $150,000 grant from the current year's budget payable at completion and $10,000 a year for five more years, a total of $200,000, and to require the certificate of occupancy within eight months of council approval. [1]
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In August 2021 the board voted unanimously to add $10,000 "for FBSW" to the 2021-22 budget and to extend the 600 S. Tyler project's deadline to November 1, 2021. In February 2022 Assistant City Manager Laura Storrs reported a $150,000 payout "for a previous project, First Bank Southwest Tower", and Freeman confirmed an additional $10,000 for the next five years. [2][3]
