The Hamilton County Commission voted this morning to unanimously approve the highly debated 14-year tax break to reconstruct the historic downtown Maclellan Building.
With the Commission's vote, the Memphis-based developer, Heritage Land and Development Co.will receive a 14 year waiver of taxes (with a four-year phase-in of taxes at the end of that period) to renovate the Maclellan Building on Broad Street that has remained mainly vacant for
10 years.
The developer will pay roughly $1.5 million in property taxes over 14 years, but Hamilton County and the city will waive about $1.3 million over the same period.
Tax break approved to reconstruct Chattanooga's historic Maclellan Building
May 6, 2015 at 11:21 a.m. | Updated May 6, 2015 at 11:24 a.m.