Tax break OK'd for downtown Chattanooga apartments

[CMF Newsman]

The landmark Chattanooga Bank Building downtown will be transformed into a 74-unit apartment complex after the City Council approved a tax break for the developers.

"There's such a demand for apartments downtown," said Kim White, president of River City Co.

The council voted 6-2 Tuesday night to allow a 12-year tax abatement for the new apartment development in the vacant office building at Eighth and Market streets. Taxes will still be paid on the property itself and also on retail and commercial developments going into the property.

Read more: www.timesfreepress.com/news/2012/jan/17/twelve-story-apartment-complex-could-be-coming-dow

[Bob]

If there is such a demand for apartments downtown, why can't the developers pay their taxes?

[Babs]

I'm not paying however much for a condo at the asking price, when my neighbor gets the same condo for a reduced price. I don't believe One Northshore is full, based upon signs of life and all of the advertising they do.

[osrb]

they should pay their fare share of taxes. It seems like another tax break for the rich. Only rich people can afford to purchase one of those.

[ssmynkint]

they should pay their fare share of taxes. It seems like another tax break for the rich.

We agree, osrb.
You should be scared.
Vewy, vewy scared.

[Tookie]

"There's such a demand for apartments downtown," said Kim White, president of River City Co.


How about renting the condos that are vacant.