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The Fall River Tax Increment Financing board last week approved more than $1.56 million in tax breaks to a developer and two businesses who are investing $34 million between three construction and expansion projects.
The approvals of the tax exemptions will require City Council approval.
The 34-unit market housing project at the historic Adams House development on Highland Avenue owned JNK Realty and its principal partner, Robert Karam, was approved by the TIF board for a 10-year market rate tax incentive totaling $578,000 on the estimated $13,500,000 redevelopment project on the building and a portion of the 3.5 acres.
The TIE agreement gives the project a break on the taxes on the property that the renovation would create over a ten-year period.