City OKs Lofts on Lake Street tax abatement

From the Petoskey News-Review: A development that promises to bring 42 new apartments and retail space to downtown Boyne City moved a big step closer to becoming a reality Tuesday when the Boyne City City Commission approved a tax abatement request for the project. At Tuesday's regular semimonthly meeting, the city commission voted unanimously to approve a tax abatement request from Michigan Community Capital, the nonprofit organization that is planning to build a multiuse development, dubbed Lofts on Lake Street, at the corner of Park and North Lake streets. The abatement is being done under Michigan's Public Act 220 of 2005, which allows for a tax abatement incentive to be offered on certain properties that are being redeveloped for approved commercial and/or multifamily residential uses. The proposal calls for the construction of a mixed-use building on three parcels that would include commercial space on the first floor and 42 apartments on the second and third floors. Full story