City Oks Tax Relief for Investment to Renovate 3 Downtown Addresses

Greg Wilson/Anderson Observer

Anderson City Council on Monday approved tax incentives to allow for the renovation of three brick buildings at the corner of South Main and West Church Street downtown. The developers of the properties at 215, 217 and 219 South Main Street, plan to invest more than $2 million in renovation of the buildings which have a current combined market value is $254,000.

The incentives, pending review and other work, will effectively freezing the buildings’ assessed values at pre-rehabilitation level for seven years, allowing owners to invest in renovations without immediately paying for their ambition in higher tax bills.

The resolution requires the project go the Board of Architectural Review for preliminary certification, examining design and investment details before offering final certification once the work is complete.