SILVER SPRING, MD (CelebrityAccess MediaWire) — Live Nation takes another step to having a new venue in Silver Spring as the Montgomery County Council has voted to approve a tax credit system for new buildings used by the arts and entertainment industry, Bizjournal has reported.
These tax credits will mean about 800,000 for the promoter over a 10-year period after Live Nation develops one of its branded Fillmore theatres on the site currently occupied by a closed JC Penney department store.
The site will be donated to the project by the Lee Development Group who will be given the county's "Good faith" approval to develop an adjacent property. The final wording of the agreement between the county and LDG has yet to be worked out.
At present, the tax breaks would only apply to Live Nation's project and a condominium project being planned for Bethesda. The condos would provide some space for artists and only this space rather than the whole condo would be eligible. The county has projected that the state and county will realize $1.6 million in annual revenue from the deal. These numbers have been contested by some observers who have called them ambitious. – CelebrityAccess Staff Writers