Title
Resolution to Approve a Payment in Lieu of Taxes (PILOT) for Avalon Second Nonprofit Housing Corporation at 701 Miller, Parkside Apartments
Memorandum
Parkside Apartments was recently purchased by Avalon Second Nonprofit Housing Corporation from Washtenaw Affordable Housing Corporation (WAHC). The property currently has a PILOT under the City’s PILOT ordinance (Chapter 19), however, now that the ownership has changed, MSHDA is requiring Avalon to receive a PILOT specifically for this address, rather than under the City’s ordinance.
The Office of Community Development recommends that City Council approve a PILOT for Parkside Apartments at 701 Miller.
Staff
Prepared By: Jennifer Hall, Housing Manager Community Development
Reviewed By: Sumedh Bahl, Community Services Administrator and Mary Jo Callan, Community Development Director
Approved By: Steven D. Powers, City Administrator
Body
Whereas, Avalon Second Nonprofit Housing Corporation has acquired 701 Miller, also known as Parkside Apartments, which currently has a Payment in Lieu of Taxes (PILOT), the exemption from all property taxes, as provided in the State Housing Development Authority Act and pursuant to Chapter 19, Section 1:651 of the Code of the City of Ann Arbor; and
Whereas, The Michigan State Housing Development Authority requires a project specific Council resolution approving the project as eligible for a PILOT;
RESOLVED, That pursuant to Section 15(a) of the State Housing Development Authority Act and Chapter 19, Section 1:651 of the Code of the City of Ann Arbor, the City Council hereby approves an exemption from all property taxes for the property at 701 Miller, for the term of the Michigan State Housing Development Authority mortgage loan, not to exceed fifty years, subject to the Michigan State Housing Development Authority’s approval of the loan for the project and receipt of the “Notification to Local Assessor of Exemption” from the Michigan State Housing Development Authority fo...
Click here for full text