Maynard Street Commons, a multi-million dollar development on the east side of Maynard Street, will be included in the finalized commercial local economic revitalization tax abatement (LERTA) just approved by Williamsport City Council.
Council approved on final readings seven-year commercial and 10-year residential local economic revitalization tax abatements.
It amended the commercial LERTA ordinance to include the development on the east side of Maynard Street.
Nature of national tenants negotiating precludes divulging their identities but the city officials say they heard they will know by the fall.
It should be a major tax producer and increase commerce, according to City Council President Adam Yoder.
The commercial LERTA is a graduated one while the residential is 100 percent for 10 years.
Ara Kervandjian, of Famvest, the developer, previously described the proposal as an economic development and catalyst for future growth along Maynard Street.
The plan consists of development on two parcels and three buildings.
It has been described as a C-store, a restaurant and other tenants.
It was estimated to be a $16 million to $20 million investment.
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