Council approved giving the developers of a proposed $30,000,000 rental housing development a tax incentive to help with property tax increase over the next decade.
The tax incentive will provide an annual grant equivalent to 100 percent of the increase in municipal property taxes resulting from the development for 10 years.
The development will be located on Riverview Drive in Chatham, featuring two apartment buildings that would each have 71 apartments.
The purpose of the incentive is to reduce the tax increase that can result when a property is developed, redeveloped or rehabilitated.
