Developer gets tax credits for Baltimore historic reuse
Richard Florida is fond of saying that historic buildings are irreplaceable treasures for cities and towns, but sometimes turning them into new uses is expensive and requires a boost from government. The City of Baltimore approved a tax break to allow an 11-story Beaux-Arts Provident Bank Building to be converted to 102 apartments with ground-floor retail. The developer will get an 80 percent reduction in taxes for 10 years and then stepped-down reductions ending on year 20, according to this report in the Baltimore Brew. Total value of tax abatement: $3-4 million. The developer will also get historic tax credits and state enterprise zone credits for the $19 million project.
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