The Land Clearance for Redevelopment Authority has approved an agreement that gives David Dresner’s new Midtown development a 10-year tax abatement.
The abatement for 2647-51 Washington Ave. is based on 75 percent of the assessed value of the incremental improvements. The current assessed value is $63,900, according to documents filed with the LCRA.
Dresner acquired the property for $185,000 and is investing $250,000 in the space, which will house nonprofits on the first floor and office space on the second.
Read the full article by Steph Kukuljan in St. Louis Business Journal.