Tax incentive proposed for Van Aken District project

Shaker Heights City Council recently proposed a tax incentive deal for the Farnsleigh Apartments, “the second phase of redevelopment in the Van Aken District,” reports. The agreement is “expected to provide the Shaker Heights City School District with an additional $716,000 annually over the next 30 years,” according to the article. During that time, developers RMS Investment Group and its affiliate, The Max Collaborative, “would be allowed to keep just over $2 million a year in diverted property taxes.” The city expects to gain “close to $364,000 a year in new income taxes” for that period, as well as $756,000 in one-time income taxes from workers on the project. For more, read the full article

Economic Development, Financial Incentives, State Updates