Logan Business Gateway, 701 South Main
68,000-square-foot office building, retail along Main Street and housing on 100 West. The Redevelopment Agency considered a tax increment incentive capped at $2.5 million.
- Where it stands
- Approved
- Type
- Site plan
- Location
- About 701 South Main Street
- Applicant
- Logan Business Gateway, LLC
Every hearing and vote
March 16, 2021 · City Council
RDA workshop: Logan Business Gateway incentive, Resolution 21-16 RDA
Discussed
The agency heard a proposal to give Logan Business Gateway, LLC 100 percent of available property tax increment, capped at $2.5 million (dropping to $2,347,983 if housing is not built within five years), for a 68,000-square-foot office building, retail buildings and a housing component at about 701 South Main. Conditions include building to approved plans and a permanent public riverside trail. The Economic Development Committee recommended approval. The developer said the upper three floors are fully leased and occupancy is expected in June or July.
April 6, 2021 · City Council
RDA assistance to Logan Business Gateway, LLC, Resolution 21-16 RDA
Approved · 4-0
Acting as the Redevelopment Agency, the council approved a tax increment incentive of 100 percent of available increment, capped at $2,500,000 (reduced to $2,347,983 if housing is not built within five years), for a 68,000-square-foot office building, retail along Main Street and housing on 100 West at about 701 South Main. Available increment excludes 10 percent for affordable housing and 5 percent for administration. Conditions require building to approved plans and a permanent public riverside trail. Gail Yost asked how much money the agency holds.