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Thu January 26, 2012
Committee Endorses West Edge Tax Credit
A requested tax break for the reborn effort to develop the Plaza West Edge project breezed through a joint city council committee Wednesday.
No council member or citizen opposed a plan under the developer would get a tax credit of up to $9.5 million for building the structure.
Chase Simmons of the Polsinelli Shughart law firm said in addition to serving the law firm and a planned boutique hotel the garage would provide both hourly and monthly public parking. Many monthly spaces are expected to be rented by residents of nearby apartment buildings.
The city would actually own the parking garage, and would issue bonds for its construction. Under the agreement, the developer would then lease it back for a period of 20 years.
The full city council passed the measure on Thursday.