Maynard Street Commons, a multi-million dollar development on the east side of Maynard Street, will be included in the Commercial Local Economic Revitalization Tax Break (LERTA) just approved by the Williamsport City Council.
The Council approved in the final readings local economic dynamism tax reductions for commercial for seven years and residential for 10 years.
Amended the LERTA commercial ordinance to include development on the east side of Maynard Street.
The nature of the domestic tenant negotiations prevents their identities from being released, but city officials say they learned they will know in the fall.
It should be a big tax producer and increase commerce, according to City Council President Adam Yoder.
The commercial LERTA is a graduated one while the residential one is 100 percent for 10 years.
Ara Kervandjian of Famvest, the developer, previously described the proposal as economic development and a catalyst for future growth along Maynard Street.
The plan consists of urbanization in two plots and three buildings.
It has been described as a C store, a restaurant and other tenants.
An investment of 16 to 20 million dollars was estimated.
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