,,,,,As part of the deal, the city agreed to reduce the PHS's tax
abatement obligation money it pays the city in lieu of property
taxes from 15 percent to 6.28 percent of Asbury Tower's annual
revenue, meaning RENTAL INCOME MINUS UTILITIES. In the short term, the
change will cost the cash-strapped city much needed revenue, perhaps as
much as $200,000 this year, because Asbury Tower isn't fully occupied
during its renovation.
City officials have said the cut was necessary, however, to enable PHS
to make a long-term commitment to the facility and make the necessary
repairs.
>>>City officials have said the cut was necessary, however, to enable
PHS to make a long-term commitment to the facility and make the
necessary repairs.<<<
At least the state kicked in more money to the city to cover the $200k
give backs.
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