The Newport City Council has approved a tax stabilization agreement for Track Drive LLC, the new owner of the former ANC Bio property. The council voted to honor a plan originally agreed to years ago and reaffirmed about six months earlier, according to city tax assessor Frank Cheney.
The company is acquiring the property from the Northeast Kingdom Development Corporation. Under the five-year stabilization, Track Drive LLC will receive an estimated $91,000 in tax relief.
Resident Anne Chiarello objected, noting that Newport Downtown Development had already helped the company secure a $1.3 million grant. She argued that the additional tax break is unnecessary and that the city needs the revenue more. Councilor Carter Finegan said the city must support local businesses. Councilor Andy Touchette added, “We can’t turn our backs on them now.”
Photo: J K via Unsplash. Photo is illustrative and not from the scene.
Log in as a subscriber to comment, or become a member.