BALTIMORE-The City Council on Monday granted preliminary approval to extend for two more years tax breaks for developers who rehabilitate historic properties here.
The multi-million dollar incentive program was set to expire in February, according to the Baltimore Sun. The Council voted unanimously to extend the incentive program.
"Many, many citizens and developers said the program is working very well, it's effective and, in fact, is helping to repopulate communities across our city," said City Councilman Carl Stokes, chairman of the Taxation Committee, before the council vote.
A final vote is scheduled later this month. The proposal, if approved, would give developers and property owners until 2016 to apply for the tax breaks, which run for 10 years.
City finance officials have questioned the cost of the $1.7 million program. "It is questionable whether the credit is actually stimulating development that would not have occurred otherwise," Andrew W. Kleine, the budget manager for the City of Baltimore, wrote in a letter to the council. See story in the Baltimore Sun.
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