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Henrico takes first step to fixing troubled apartment community

Posted on AllSides June 17th, 2024
From The Right

The idea is to take advantage of the increased value of the property as new homes and commercial facilities are built. That will mean additional taxes — currently, the property should be paying just under $84,000 a year, based on its latest assessed value. Over the next 15 years, the additional taxes that come with new buildings will be dedicated to help finance the redevelopment: that stream of money will allow the developer to raise some of the upfront lump sum needed to get going.

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