Title
Resolution to Approve a Payment in Lieu of Taxes (PILOT) for Robin Crest and Robin Crest II - 2040 and 2060 West Stadium Blvd
Memorandum
Woda Cooper Companies, Inc. (or an affiliated entity as required by funding sources), will be acquiring and developing the property at 2040 and 2060 West Stadium Blvd as further described in the attached resolution for the purpose of building 84 affordable homes in two 42 unit phases, with an average household income at or below 60% of the Area Median Income (AMI).
Woda Cooper Companies, Inc. will apply for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA) which would result in a mortgage on the property.
No site plan or related petition has yet been submitted to the City for this project.
Staff have reviewed this housing project and determined that if approved by MSHDA, it will be eligible for tax exemption under the amended Chapter 19 of City Code.
Staff
Prepared By: Julia Shake, Associate Planner
Reviewed By: Brett Lenart, Planning Manager
Derek Delacourt, Community Services Area Administrator
Approved By: Milton Dohoney Jr., City Administrator
Body
Whereas, Woda Cooper Companies, Inc. (or an affiliated entity as required by funding sources), will be acquiring and building approximately 84 affordable homes in two 42 unit phases at 2040 and 2060 West Stadium Blvd in the City of Ann Arbor;
Whereas, Woda Cooper Companies, Inc. will apply for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA) for the entire project; and
Whereas, City Council has determined prospectively that, under Chapter 19 of City Code, Robin Crest and Robin Crest II - 2040 and 2060 West Stadium Blvd development will be qualified for and should be granted a tax exemption and pay an annual service charge in lieu of taxes;
RESOLVED, That the housing project known as Robin Crest and Robin Crest II at 2040 and 2060 West Stadium Blvd in the City of...
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