IRON MOUNTAIN — The Iron Mountain City Council on Wednesday granted a tax abatement arrangement to a Wisconsin developer looking to convert the former Central School into low-income housing.
Commonwealth Development of Fond du Lac, Wis., gained a Payment in Lieu of Taxes, or PILOT, from the city that will send 12 percent of its rent revenues to the various taxing bodies. This equates to about $26,875 in the first year, with the city taking about a third, or $8,958.
The PILOT arrangement passed on a 5-2 vote, with Mayor Dale Alessandrini and council member Amanda List opposed......more
- - Volume: 5 - WEEK: 14 Date: 4/6/2017 7:45:28 AM -