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The Des Moines City Council last week approved an economic package that supports Hubbell Realty Co.’s Brownstones on Grand project in case of changes in downtown’s tax abatement schedule.

Under City Manager Rick Clark’s proposed revision of the schedule, residential projects beginning before Dec. 31, 2010, and completed before Dec. 31, 2011, will still qualify for 10 years of tax abatement. The council agreed to compensate Hubbell up to $653,500 if its multiphase Brownstones project doesn’t meet those deadlines.

According to information provided to the council by city economic development coordinator Matt Anderson, any assistance provided will equal the property taxes paid in non-abated years 6 through 10, and annual property tax payments are estimated at $5,228 per condominium unit. Hubbell spokesman Jarad Bernstein said any city payments will be passed along to condo buyers.

Hubbell Realty has completed one of three planned phases of construction on the site bounded by Grand Avenue, Watson Power Jr. Way, Second Avenue and Third Street. The plan calls for 43 condo units.