It appears Smiths Falls council’s made a decision on the tax abatement request for Hotel Rideau.
After an extensive back and forth between the owners Parkview Homes, council and town staff, a payout structure has been agreed upon by council.
Staff’s inital recommendation was to provide a rebate just shy of $461,000 and have the owners pay just shy of $623,000 over 10 years.
Those figures remain the same but instead, by the suggestion of Mayor Shawn Pankow, it’ll be a 7 year abatement with adjusted tax rates.
He says the rate changes will allow for more upfront cash.
The agreement’s expected to pass at council tonight (Monday).
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