Wyandotte encourages downtown housing with NEZ
Wyandotte is working on a new policy that promises to attract more development and residences to its downtown.The city is working on creating a second-story-and-above Neighborhood Empowerment Zone for the downtown. The idea is to create a large tax break that will encourage property owners to either turn vacant upper stories into residences or to add them to smaller buildings.”There are several building owners that are interested in using the program,” says Joe Voszatka, owner of Wyandotte-based SMOOTH Development, which is helping city officials craft the new NEZ.Normal property owners have to pay 48 mills of taxes. But those in this newly proposed NEZ wouldn’t have to pay any extra in taxes for improving existing upper floors. Those who build new floors will only have to pay 17 mills on the new space.The city plans to hold a public hearing on the policy on June 15 and could approve it as soon as August 3.Source: Joe Voszatka, owner of Wyandotte-based SMOOTH DevelopmentWriter: Jon Zemke
Wyandotte is working on a new policy that promises to attract more development and residences to its downtown.
The city is working on creating a second-story-and-above Neighborhood Empowerment Zone for the downtown. The idea is to create a large tax break that will encourage property owners to either turn vacant upper stories into residences or to add them to smaller buildings.
“There are several building owners that are interested in using the program,” says Joe Voszatka, owner of Wyandotte-based SMOOTH Development, which is helping city officials craft the new NEZ.
Normal property owners have to pay 48 mills of taxes. But those in this newly proposed NEZ wouldn’t have to pay any extra in taxes for improving existing upper floors. Those who build new floors will only have to pay 17 mills on the new space.
The city plans to hold a public hearing on the policy on June 15 and could approve it as soon as August 3.
Source: Joe Voszatka, owner of Wyandotte-based SMOOTH Development
Writer: Jon Zemke
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