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
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.
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).
Meridia Water’s Edge, the two-year-old rental complex at City Hall Plaza, looks like it will be sold in the near future.
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.