The Brentwood School District will not receive less tax dollars than it is currently getting on undeveloped land where Manhassett Village apartment complex is to be built, according to superintendent, David Faulkner.
Manhassett Village is an approximately 800-unit apartment complex to be built between the years 2015 – 2022 north of Brentwood Forest. A complex on the same site with the same name previously existed. Draper & Kramer, Inc., of Chicago, has owned the property since 1939.
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Though the complex is in the city of Richmond Heights, it’s in the Brentwood School District.
The developers will receive 70 percent tax abatement in the first 10 years of each of the four phases.
Faulkner said over the abatement period Brentwood School District would receive 30 percent of the taxes on the improvements and 100 percent of the taxes on personal property (automobiles) of any new residents.
According to a projected tax schedule the developers provided as part of the proposal to Richmond Heights, the school district would receive $52,634 in 2015, and would increase each year. By 2029 it is projected to be up to $528,976.
The city of Richmond Heights, where the complex will sit, is projected to receive $6,3913 in 2015 and $69,462 in 2029.
If….the project even gets built. From what I heard happened at the meeting last night, there is quite a ways to go.
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