"Aggressive" Tax Plan for Quest Diagnostics
An "aggressive" tax agreement has been recommended by the Finance Committee to the City Council for the first company to sign on to the former HP location now known as "Forest Park."
Early adopters take risks for potential gains. In the case of Quest Diagnostics, they are the first business to sign on to the mixed use development of "Forest Park" where the mixed use portion has not been approved by city officials. However, the move has garnered them an "aggressive" tax program that other companies to join the development will not get. "It's not going to be to this extent, or this aggressive," said Mayor Arthur Vigeant of any future Tax Incriment Finance (TIF) agreements for businesses that sign on to occupy the property. There is still 550,000 square feet of office park to inhabit at the location with Quest having taken 200,000. Developers have said the final build out could see 1 million square feet of commerical …
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