Council considers PILOT agreement for $23M Fairington of Columbus rehabilitation - The Republic News
A proposed agreement before the Columbus City Council would allow an affordable senior housing community to pay the city at least $68,000 annually, instead of traditional property taxes, for the next 30 years as the developer rehabilitates the property. The Columbus City Council is considering a payment-in-lieu-of-taxes (PILOT) agreement for $23M rehabilitation of Fairington of Columbus, an affordable senior housing community for seniors. The agreement would allow the developer to pay at least $68,000 annually, instead of traditional property taxes for the next 30 years. The city council voted 7-0 to advance the PILOT agreement. The project requires significant public and private financial support, with $23.76 million expected for acquisition and construction costs of $6.9 million. Glick plans to continue operating Fairington as an affordable housing community. The company expects state and federal Low-Income Housing Tax Credit programs to provide support for the project.
Publié : il y a 5 heures par Noah Crenshaw dans Business Politics
A proposed agreement before the Columbus City Council would allow an affordable senior housing community to pay the city at least $68,000 annually, instead of traditional property taxes, for the next ... [5745 symbols]
