A 219-unit development approved for the former Center Circle site on Main Street would pay at least $500,000 in the first year of a proposed 30-year Payment In Lieu Of Taxes (PILOT) arrangement, with payments in the final year approaching $1 million.
The Redevelopment Agency approved a redevelopment agreement with developers of the Center Circle site on Main Street that would pay a fee of $1,750 per unit, contingent on a 30-year Payment In Lieu Of Taxes (PILOT) agreement to be voted upon by City Council tomorrow night.
Payments In Lieu Of Taxes (PILOTs) more than doubled in last year’s municipal budget, eclipsing $2 million after three new projects were added to the tax rolls. The spending plan for 2017 anticipates $1.3 million after the expiration of one five-year PILOT.
Redevelopment officials and developers have agreed in principle on the use of Redevelopment Area Bonds (RABs) but are still working out details on the financing tool that would be part of 208-unit downtown project that includes extending Monroe Street.
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.
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.
Three new Payments In Lieu Of Taxes (PILOT) to the city and higher foreclosure registry fees should boost city revenues by some $652,000 in the 2016 budget.
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.
Continue reading Meridia Water’s Edge sells for $29.3 million