The City Council unanimously (8-0) approved a 15-year PILOT for Meridia Lafayette Village at its meeting Monday night that will nearly halve the developer’s overall property taxes while providing more revenue directly to the city than it might typically get once the project is built out.
The City Council on Monday will consider a 15-year Payment In Lieu Of Taxes (PILOT) for Meridia Lafayette Village that would reduce its annual property tax bill by as much as 40 percent.
The City Council will consider another 15-year Payment In Lieu of Taxes (PILOT), this time for the 115-unit Meridia Lafayette Village. The PILOT would call for an annual payment to the city of about $156,000, or about $1,356 per unit, based on 10 percent the project’s annual gross revenues, according to the ordinance (O-24-12).
The Planning Board last night unanimously approved a preliminary and final site plan for Meridia Lafayette Village, a 115-unit rental project at the former site of the stalled Savoy development.
A plan for the former Savoy site downtown is scheduled to be heard by the Planning Board Tuesday night, with five fewer units than originally proposed to the Redevelopment Agency early this year.
The developer of the proposed 120-unit Meridia Chateau on Main Street will rename the project Lafayette Village, which was suggested by the Redevelopment Agency.
A 120-unit rental complex proposed for the former Savoy site would nearly four times the size of previous plan’s density. The Savoy, which broke ground in 2006 at the corner of Monroe and Main streets but stalled and went into default last year, was to be a 36-unit, two-bedroom condo development.