The County Commission on Wednesday approved a 41-year tax abatement for the deteriorating Jaycee Tower.
Several commissioners said they had problems with the length of the agreement, but said the deal puts the property on the tax rolls for school purposes.
Penn Lindsay of Wishrock Development earlier said the long time period is necessary to cover the length of a 40-year loan for the project.
He said the group is buying the 18-story tower from the Jaycee Foundation for $3.6 million and plans to spend $6 million to fully renovate it for continued use by senior citizens.
The property has never paid taxes.
A number of Jaycee Tower residents attended the meeting at the County Courthouse.