The Beaverton City Council approved a property-tax rebate for developers willing to build on 26 open acres across the street from Nike.
The Beaverton City Council approved a property-tax rebate for developers willing to build on 26 open acres across the street from Nike.
The new deal authorizes annual rebates of 63.61 percent for the first three years, 40 percent in year four and full payment by year five. That would equal $58,136 in tax breaks, or $11,346 in additional savings for the owners.
But those estimates assume the land, now worth about $5.8 million, isn’t developed in coming years.
What’s important to note is that the tax-rate rebates will apply to all improvements on the property, according to the new agreement. That means the city stands to give back far more money during those five years, assuming the land is developed and retained by the owners.
Read more at OregonLive.com.
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