VANCOUVER, WA-The City Council here is extending a 10-year property tax break to keep alive the possibility of a $10 million mixed-use development. The tax break, approved Monday, will allow the Vancouver Housing Authority and Vern Rifer Real Estate Development to continue planning the project slated for 5.2 acres west of Main Street and north of 24th Street.

The two companies are planning to build 23 town houses, 53 apartments, retail space, a parking garage and a public plaza. The Housing Authority has been working on the project for more than 10 years. According to city staff estimates, the city will realize a net gain of $450,000 in property taxes over 20 years despite granting the exemption. Only Councilwoman Jeanne Lipton voted against continuing the tax break, saying the tax break is meant for improving blighted areas, and she didn’t think the Hough neighborhood property falls into that category.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.