Augusta poised to give largest property tax break in history

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Anonymous
Augusta poised to give largest property tax break in history

Sunday, September 17, 2006

Mayor: Kennebec Arsenal tax breaks worth the cost Council could decide Monday

By GARY REMAL
Staff Writer

AUGUSTA -- The City Council Monday is poised to hand out the largest property tax break in city history to a developer promising to renovate the 175-year-old Kennebec Arsenal for office, retail and residential use.

If council members approve the tax-increment financing (TIF) deal, all city property taxes from the multimillion-dollar project would be returned to the developer for the first seven years of a 25-year deal. In the remaining 18 years, 75 percent of the property taxes would be returned.

[url=http://kennebecjournal.mainetoday.com/news/local/3130504.shtml]source[/url]

Anonymous
Augusta poised to give largest property tax break in history

[size=24]Nearly 40 percent of the cost of the project is expected to come from city, state and federal tax breaks.[/size]

Naran
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Last seen: 4 years 9 months ago
Joined: 10/06/2004 - 12:01am
Augusta poised to give largest property tax break in history

Let me guess, before I even read the accompanying story. Mayor Dowling is involved somehow. Am I right? It would seem the guy never met a property giveaway for Augusta he didn't like. I'd be more comfortable with these fiscal excursion parties if he wasn't professionally involved in real estate and property development.

Anonymous
Augusta poised to give largest property tax break in history

Tuesday, September 19, 2006

[size=24]Council OKs arsenal tax breaks[/size]

By GARY REMAL
Staff Writer

AUGUSTA -- Members of the Augusta City Council on Monday unanimously approved the largest property-tax break in city history for a North Carolina company that proposes to redevelop the 175-year-old riverfront Kennebec Arsenal.

State officials and Tom Niemann, owner of Niemann Capital, the company that promises to renovate the National Historic Landmark at a cost of about $9.6 million, both said a contract for the state to sell the former federal arms manufacturing site has not been agreed upon and no sale price has yet been set.

[url=http://kennebecjournal.mainetoday.com/news/local/3145779.shtml]SOURCE[/url]

Melvin Udall
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Joined: 05/01/2002 - 12:01am
Augusta poised to give largest property tax break in history

But this would not be the dreaded "corporate welfare" or "tax breaks for big business" that the libs rail about, right?

Those things are what Republican administrations do, right?

Anonymous
Augusta poised to give largest property tax break in history

Shaping the future of Augusta

Augusta councilors unanimously passed the largest property-tax break in city history this week, effectively becoming investment partners with a North Carolina company in redeveloping the historic, 175-year-old Kennebec Arsenal. The city will return most of the property taxes the project is slated to pay over the next 25 years; in return, the project has been touted -- by city officials as well as developers -- as a key to downtown Augusta's long-awaited renaissance.

[url=http://kennebecjournal.mainetoday.com/view/columns/3147327.shtml]source[...

Anonymous
Augusta poised to give largest property tax break in history

Thursday, September 21, 2006

Tax break for arsenal project irks taxpayer

I object to the mayor and City Council giving a tax break to the developer of the Kennebec Arsenal. My wife and I moved to Augusta in 1987. Our kids attend Augusta schools. We shop in Augusta. We support Augusta. Every business and every citizen pays their fair share of taxes. If the mayor and City Council strike a deal on this developers' tax break -- [b]"I want to know when do I get my tax break."[/b]

Charles Reppucci

Augusta

cats582@yahoo.com

[url=http://kennebecjournal.mainetoday.com/view/letters/3146856.shtml]source[...

Philip Roy
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Joined: 11/18/2003 - 1:01am
Augusta poised to give largest property tax break in history

Just wondering how this worked for Augusta?

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