The city of Dayton is considering approving a special tax exemption agreement for a new office and retail building being constructed by one of downtown’s well-known developers.

Dayton considers tax breaks for downtown property

The city of Dayton is considering approving a special tax exemption agreement for a new office and retail building being constructed by one of downtown’s well-known developers.

The Dayton City Commission this week will vote on an agreement benefiting a two-story building planned for 537 E. Monument Ave.

Woodard Development and Crawford Hoying, the developers of the Water Street District, plan to spend about $3.5 million to construct the 25,000-square-foot building, which will have spaces for professional services offices and retail, according to city documents.

The city proposes providing the developers with a 15-year, 100 percent tax abatement on the increase in assessed value on the property because of the project. The city sold the 1.3-acre property, which is in the Water Street District, to the developers for $10.

MORE: Dayton expected to sell downtown property for $10 today

If approved, the new building will be one of only a handful of commercial projects in Dayton that have ongoing Community Reinvestment Area tax abatements.

Other projects include a $42 million investment in Water Street and the new $11 million Fairfield Inn & Suites by Marriott in the district.

Water Street, near the corner of East Monument Avenue and Riverside Drive, has apartments, offices, restaurants, PNC Bank and other amenities.

MORE: New Dayton office building coming to Water Street District

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