Tag Archives: PILOT

City Council approves Gramercy 20-year PILOT

Without comment from the public or its members, City Council on Monday night unanimously adopted a 20-year Payment In Lieu Of Taxes (PILOT) for The Gramercy.

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Gramercy PILOT would shave $100k off tax bill

A proposed PILOT for The Gramercy would stipulate an annual fee of $78,000, about twice as much as the properties currently generate in taxes but about $100,000 less than what the completed project might pay.

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Meridia Water’s Edge sells for $29.3 million

Meridia Water’s Edge, a 108-unit rental building that began leasing two years ago, has sold for$29.328 million, or about $271,556 per unit.
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30-year PILOT considered for The Gramercy

The developer of a 43-unit East Cherry Street project has requested a 30-year Payment In Lieu Of Taxes (PILOT) to be considered by City Council.

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The Gramercy project moving forward

A 5-story, 45-unit project on East Cherry Street is moving ahead, including property transfers, a redevelopment agreement and discussions on a Payment In Lieu Of Taxes (PILOT).

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Revisting recent PILOTs

The tax assessment for Meridia Water’s Edge is more than $8 million, 20 percent higher than what I estimated a few years ago before construction began.  That means the disparity in would-be property taxes versus the Payment In Lieu Of Taxes (PILOT) is even wider than I originally projected.

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