The council voted 8-1 to adopt the 50-70 and 25-30 percentages, with Don Martin the only no vote.
The tax incentive must by approved by the state, but that won’t happen until the city submits a specific project to the state. One possible candidate for the tax break is a proposal by Windover Construction to demolish the former Press Box building to build apartments across the street from the train depot.
Staff writer Paul Leighton can be reached at 978-338-2675 or email@example.com.
Rantoul Street tax break
50 to 70 percent for the first five years
25 to 30 percent for the next five years
Exact percentage will be determined by the mayor for each project
The zone encompasses 45 parcels along Rantoul Street from Bow to Edwards streets
The historic Beverly train depot is excluded from the zone