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ORDER APPROVING A TAX ABATEMENT FOR THE ELM CITY LOFTS PROJECT AND AUTHORIZING THE MAYOR TO ENTER INTO A TAX ABATEMENT AGREEMENT WITH ELM CITY LOFTS, LLC
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WHEREAS, the Applicant has also applied to the City of New Haven's Board of Alders (the "Board of Alders") for a tax abatement for 17 Grand List years under which the assessment for the Shelton Avenue Properties will be frozen for two years and thereafter the taxes to be paid will be in the amount of $450 per unit plus a 3% annual increase after the first year during the following fourteen (14) years under the City of New Haven's program for Tax Abatement for Low Income Multi-Family Developments (the "LISHTA Program") (the "Application"); and
WHEREAS, the Applicant has provided all of the information and materials required by the Board of Alders to make a determination regarding the Applicant's eligibility for the tax abatement requested; and
WHEREAS, the Applicant requires the tax abatement requested in the Application in order to
develop the Elm City Lofts Project; and
WHEREAS, the tax abatement requested by the Applicant is similar to tax abatements granted
by the Board of Alders for comparable projects; and
WHEREAS, the Board of Alders finds that the tax abatement requested by the Applicant will be used to (i) reduce rents below the levels which would be achieved in the absence of the abatement and to improve the quality and design of the Elm City Lofts Project, (ii) effect occupancy of the Elm City Lofts Project by persons and families of varying income levels and (iii) provide necessary related facilities and services for the Elm City Lofts Project; and
WHEREAS, the Board of Alders has the authority to grant the Application for a tax abatement pursuant to Conn. Gen. Stat. Sec. 8-215, the Annotated Charter of the City of New Haven Charter, Article IV, Section 6 and the City of New Haven Code of General Ordinances, Section 28-4.
NOW THEREFORE, BE IT ORDAINED that the Application for a tax ...
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