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The report, which will be considered at Monday’s planning, development and community services committee meeting, recommends granting the requests due to the significance of the investment in the area and the risk involved.

The value of the project, which is slated to proceed in phases, has not been determined, but the developers have estimated it will cost more than $300 million. That could mean the city will lose out on tens of millions of dollars in revenue — or at least have those payments postponed.

The Germain Group Alt Hotel planned for the site would be taxed normally.

Alan Wallace, the city’s director of planning and development, said while the city might be forgoing tax revenue in the short term, the long-term property tax from the proposed development would make up for it.

“This is a really big development,” Wallace said in an interview. “This is an enormous parcel.”

The property tax from private development at River Landing is supposed to pay for ongoing maintenance of public areas like the bike paths, promenade and amphitheatre.

“We’re still on track to having that self-sufficiency by 2024,” Wallace said.

He acknowledged it would be unusual to grant a tax abatement before the value of the project is known, but the final cost of the development has not been determined.

While the value of the entire project is not known, the report estimates the value of the 20,000 square feet that will be devoted to the public plaza at $1.9 million. Based on 2015 assessment, this would amount to $34,357 in annual property tax.