Akron: City Council Approves Tax Break for New Downtown Development

Akron City Council Approves Tax Break for New Downtown DevelopmentAkron City Council Approves Tax Break for New Downtown Development Akron City Council has unanimously approved a tax break for a new downtown development project that is expected to bring new jobs and investment to the city. The project, known as the Bowery, will include a 12-story apartment building, a 10-story office building, and a parking garage. The development is expected to cost around $150 million and will be built on the site of the former Akron Beacon Journal building. The tax break that the city council approved will allow the developer of the Bowery to save around $10 million in property taxes over the next 15 years. The developer has agreed to create at least 200 new jobs and invest at least $10 million in the project. The city council hopes that the Bowery will be a catalyst for further development in downtown Akron. “This is a great day for Akron,” said Mayor Dan Horrigan. “The Bowery is going to bring new jobs, new investment, and new energy to our downtown. This is the kind of project that we need to continue to move our city forward.” The Bowery is expected to be completed in 2023. Here are some of the key benefits of the Bowery project: * New jobs: The project will create at least 200 new jobs in the city. * New investment: The project will bring at least $10 million in new investment to the city. * Catalyst for further development: The project is expected to be a catalyst for further development in downtown Akron. * Increased tax revenue: The project is expected to generate more than $1 million in new tax revenue for the city over the next 15 years. The Bowery project is a major step forward for Akron’s downtown. The project will bring new jobs, new investment, and new energy to the city. The city council’s approval of the tax break is a testament to the city’s commitment to revitalizing downtown Akron.