Recent amendments to GR’s 1997 Renaissance Zone Extension Policy are meant to generate new jobs, which would mean more tax dollars in city coffers to offset other tax losses.
According to excerpts from the story:
City commissioners recently amended the Renaissance Zone Extension Policy for properties that were included in the original 1997 zone.
Back then, many of those properties were industrial sites. But since then, quite a few have been converted into other uses.
And it’s the residential use of these Ren Zone properties that last month led commissioners to alter the policy they had approved last fall.
City and state income taxes are exempted for residents who live in the zone, but not for those who work in one. Extending the designation for a residential project wouldn’t bring any immediate or new tax revenue to the city. But granting an extension to a property that adds new jobs would.
Read the complete story here.
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