Joseph Cyr, the developer wanting to build The Boland Place apartment project, at Dale and Boland in Richmond Heights, told the city council in a closed session last week that he needs tax abatement to make it possible.
A source shared a document with 40 South — RequestTaxAbatement28022017 — in which Cyr makes his request to the Richmond Heights City Council.
Cyr says the project equity is in place, and he’s in the process of scoring a loan. The lender estimated the real estate taxes 60 percent higher than Cyr planned for. He says the lender has taken the most conservative approach and set tax projections at a very high level.
According to Cyr, the discrepancy has caused a financing gap of $2.5 million, which is stalling the project. He wants the city to utilize Chapter 353 to blight the property, and establish a cap on future real estate taxes for ten years at $276,000.