A Middletown couple has received a tax abatement to redevelop a downtown building.
Middletown City Council on Tuesday approved a 12-year, 100 percent Community Reinvestment Area tax abatement for Richard and Lydia Montgomery’s redevelopment project at 1201 Central Ave.
The Montgomerys are proposing to redevelop the three-story building into a retail bicycle shop on the ground level to be called Spoken Bicycles LLC and will transform the upper level into a single family residence, according to a city staff report.
The total investment by the Montgomerys for the property and building improvements will be about $180,000, according to city documents.
Also as part of the proposed agreement, the Montgomerys will expected to complete construction and installation of the improvements by Dec. 31, 2017. In addition, one full-time job must be created in the retail store by Dec. 31, 2018.
The Montgomerys are local entrepreneurs, with three businesses: Society and Bright Ideas Properties, both located at 1626 Central Ave., and Hinkle Electric Construction Company.