While all the focus was placed on the failure to introduce a more lenient smoking ban in Fort Wayne, one bill was introduced at Tuesday night's City Council meeting without discussion: The tax abatement for The Harrison.
The abatement for the $20.3 million condominium project would save Barry Real Estate, the developer, $850,000 in taxes over 10 years using current tax rates. Even if the council approves it, the company is unlikely to get the full benefit. In fact, they don’t want it, because that would mean they didn’t sell any of their condominium units.
While there was some concern over whether owners of the condos would get a homestead credit, Greg Leatherman, city executive director of redevelopment, said that is no longer an issue. After speaking to numerous tax sources, he is convinced the purchasers will get the tax credit as long as the condo is someone’s primary residence.
Owners may even get additional tax benefits, as Leatherman said the abatement could roll over to the individual purchasers. This would give them the homestead credit plus an additional break over the first 10 years.
Leatherman said he hoped to have a firm answer on this question by next week’s council meeting.
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