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Maclellan Building in Chattanooga

The Chattanooga City Council unanimously voted to approve a 14-year tax break for the historic downtown Maclellan Building renovations.

The Hamilton County Commission will vote Wednesday on whether to approve the county's end of the payments in lieu of taxes agreement, or PILOT.

Under the agreement, 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.

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