The Mission City Council is set to consider an updated tax abatement policy later this month. This comes after two developers for separate apartment projects, 58 Nall and Milhaus, asked the city for tax abatements in the last year…. The policy was drafted following a May 31 city council work session and presented to the finance and administration committee on July 5. … developers who are approved for a tax abatement in Mission would pay 55% of their property taxes to the city. Developers must meet eight criteria in order to qualify for the 45% tax abatement, including a minimum capital investment of $3 million and proven economic benefit to the community. The policy states a 75% tax abatement is the maximum for any project for 10 years, “except in extraordinary circumstances,” according to city documents.
Source: Prairie Village Post
