SALISBURY – The Rivers Edge Apartments and Studio for the Arts project was granted an additional boost this week, as the City Council approved an agreement that will knock off $9,000 in taxes each year.
Late last month, River Edge Apartments LLC requested a payment in the lieu of taxes (PILOT) concept on the upcoming Rivers Edge Apartments and Studio for the Arts project located at 660-680 Fitzwater Street based upon an opportunity presented to the developers from Weinberg Foundation.
River Edge Apartments LLC submitted, Weinberg offered to provide $189,480 of funding in exchange for three units being further restricted to those persons who are permanently disabled and non-elderly with incomes of no more than 30 percent of the area median income for Wicomico County. Accepting the terms of the Weinberg proposal will provide for a significant reduction in future rental income over the next 40 years.
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7 comments:
Do you think the developer is "laughing all the way to the bank" due to the City Council just giving in to all their demands?
Could you post something about how an average citizen can get some tax breaks from the county? You know, the WORKING people who must pay the current taxes so developers and their rich cohorts can get "incentives" to make more money?
Why isn't this in the 3 MSM's here? We now have to depend on Ocean City to give us our news.
Damned shame.
Here we go again -- can you say Salisbury Mall (to become "Lake Salisbury" or some such absurdity), and Villages at Aydelotte Farm, and that big condo on Riverside Drive.
Under Snake Ireton and Fake Day, it's worse than we were with Barrie Tilghman and the "Dream Team".
Agenda 21 written all over it
Anonymous said...
Here we go again -- can you say Salisbury Mall (to become "Lake Salisbury" or some such absurdity), and Villages at Aydelotte Farm, and that big condo on Riverside Drive.
Under Snake Ireton and Fake Day, it's worse than we were with Barrie Tilghman and the "Dream Team".
September 27, 2013 at 6:43 PM
I definitely agree with this commenter.
What a complete council of idiots
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