Title
Resolution to Approve a Payment in Lieu of Taxes (PILOT) for the Grove at Veridian at 2270 Platt Road
Memorandum
Avalong Housing, or an affiliated entity as required by funding sources, will be acquiring a portion of the property at 2270 Platt Road as further described in the attached resolution for the purpose of building 50 affordable housing homes and applying for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA).
The property would be eligible for a PILOT under Chapter 19 of the City's Code of Ordinances that applies to all affordable housing projects that meet the requirements of the ordinance. Avalon can secure additional points on the LIHTC application if the City adopts a PILOT specifically for this address.
City staff recommends approval of this resolution.
Staff
Prepared By: Brett Lenart, Planning Manager; Teresa Gillotti, Director, Office of Community and Economic Development
Reviewed By: Derek Delacourt, Community Services Area Administrator
Approved By: Tom Crawford, Interim City Administrator
Body
Whereas, Avalon Housing, or an affiliated entity as required by funding sources, will be acquiring the property and building approximately 50 units of affordable housing;
Whereas, Avalon Housing will be applying for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA); and
Whereas, The Ann Arbor City Council hereby determines that The Grove at Veridian will be qualified for and should be granted 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, 1:651 of the Code of the City of Ann Arbor;
RESOLVED, Notwithstanding the provisions of Section 15(a)(5) of the State Housing Development Act to the contrary, a contract to provide tax exemption and accept payment in lieu of taxes, as previously described, between the City of Ann Arbor an...
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