Housing will take centre stage at tonight’s municipal council meeting.
The developers of a proposed $30,000,000 rental housing development to be located on Riverview Drive in Chatham are asking council for a tax incentive for two apartment buildings that would each have 71 apartments.
If council approves the Property Tax Increment Equivalent Grant at their council meeting tonight, it would provide an annual grant equivalent to 100% of the increase in municipal property taxes resulting from the development for 10 years.
The purpose of the incentive is to reduce the tax increase that can result when a property is developed, redeveloped or rehabilitated.