Jun. 27, 2008 at 2:50pm

Builders needed for $12 million in breaks

Developers eyeing projects in Tacoma can apply for the city's Commercial Revitalization Deduction allocation. The money will be distributed among projects located in the Renewal Community Zone — an area that covers most of Tacoma's downtown, waterfront and Hilltop.

Projects must be new construction or a substantially rehabilitated structure and must create space for new jobs. The maximum allocation per project is $10 million. Some projects may be eligible for an accelerated depreciation schedule, resulting in a reduced federal tax bill and an increased ability to make a project financially viable. The financial relief comes early in the process when projects incur the most expenses.
 
Applications are available at through the Community and Economic Development Department, 747 Market St., Room 900. Applications are due by 5 p.m. on July 31. The state of Washington will announce Tacoma's winning projects in late September.

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