What does concession mean in this context?

For example: the city may ask the company to hire x number of people from lower income neighborhoods.

Okay, so it sounds like I’m reading it the wrong way. It’s not so much of giving up.

Some concessions made by developers to gain approval can be “X% of housing is affordable/below market value”, or “pay for such and such upgrades to sewers”.

The developer is giving up some profit to get the permit.

Thanks, guys!

Cities can also offer many other things like deferred taxes as incentives, or a TIF, or adding electric/sewer to undeveloped land, a service road, street paving, etc… That would be a concession on our part because we won’t have those tax monies to use for the city streets, sidewalks, etc…

You can’t ask the landowner to discount their price/ value for their land, as they are private owners selling to a developer or company, so the city will often take the lead on concessions. Of course if it’s city land, the council would have to vote on a lowered price.

Sometimes to grow a city, like we’re doing, you offer a few carrots to get your residents jobs and the city additional attractions and taxes (eventually.)