Proposed 98-unit senior housing plan clears financing hurdle

BERLIN, Vt. (AP) - Plans to build a 98-unit senior housing complex near Vermont’s Berlin Mall have cleared a key financial hurdle.

The Times Argus reports the Berlin select board on Thursday approved a five-year tax stabilization agreement requested by the developer of Spruce Place.

The proposed four-story building would include a mix of independent and assisted living for seniors, as well as a specialized “memory care” component.

The agreement passed by the select board would increase the value of how the project would be taxed from 10% of its assessed value the first year to full value by the sixth year.

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Information from: The Times Argus, http://www.timesargus.com/