A 30-year property-tax exemption has been granted to the Portage Apartments, 261 Portage Road.
The City Council approved the break, which matches the length of the term for the financing of the reconstruction of the building. It was gutted in a fire May 7, 1998.
Portage Apartments, L.P., will pay the city $3,500 in lieu of taxes in the first year after construction is completed. That amount will rise by 2 percent a year, with the building becoming fully taxable 31 years from now.