A Dubuque developer is getting nearly $1.4 million in property tax rebates and grants from the city to build 34 new condominiums in the Historic Millwork District.
Last night, the Dubuque City Council approved awarding GT Novelty Condos, LLC just over one million dollars in tax increment financing (TIF) incentives, paid out in semiannual rebates, and a $10,000 Housing Creation Grant, for each new unit created for a total of $340,000.
The condos will fill a section of the building which has sat vacant for more than a decade. The average unit will be about 1,600 square feet and is expected to sell for nearly $290,000.
