ANGOLA – The Angola Common Council approved the first reading of the West Commons project area to be an
Economic Development Target Area on Monday.
The approval came following the recommendation from the Angola Economic Development Commission and the Steuben County Economic Development Corporation’s Executive Director Isaac Lee.
“Our housing strategy study back in 2019, released in 2020, showed us from empirical data that the need for residential development was never stronger,” said Lee.
Designating the area as an Economic Development Target Area allows development and construction company The Ridge Group a proposed 10-year tax abatement for the West Common’s project.
The 10-year abatement will be for Real Property on a sliding modified scale with a 100% tax abetment on the property for the first six years, continuously decreasing in the following year six.
The tax abatement will also help The Ridge Group secure better financing for the project estimated to cost over $10 million.
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