Title
Resolution to Approve a Payment in Lieu of Taxes (PILOT) for Lockwood of Ann Arbor, 2195 East Ellsworth
Memorandum
Lockwood Companies, LLC (or an affiliated entity as required by funding sources), will be acquiring a portion of the property at 2195 East Ellsworth as further described in the attached resolution for the purpose of building 154 senior units, of which 65 are reserved for seniors at or below 60% of the Area Median Income (AMI).
Lockwood Companies has applied for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA) which would have a related mortgage apply to the entire property.
In Chapter 19 of the City's Code of Ordinances, tax exemptions are available for both affordable units and those for seniors.
* All affordable housing units that meet the requirements of the ordinance will be taxed at the rate of $1 per unit (65 units)
* All housing exclusively for elderly persons as described in the ordinance, are taxed at the rate of 4% of contract rents (as defined by the rules pursuant to the Housing and Community Development Act of 1974 as amended) (89 units)
City Council approved the Planned Unit Development rezoning and site plan for Lockwood of Ann Arbor on Dec. 21, 2020
City staff recommends approval of this resolution.
Staff
Prepared By: Teresa Gillotti, Director, Office of Community and Economic Development
Reviewed By: Derek Delacourt, Community Services Area Administrator
Approved By: Tom Crawford, City Administrator
Body
WHEREAS, Lockwood Companies, LLC (or an affiliated entity as required by funding sources), will be acquiring the property and building approximately 65 units of senior affordable housing and 89 units of market rate senior housing;
WHEREAS, Lockwood Companies has applied for Low Income Housing Tax Credits (LIHTC) from the Michigan State Housing Development Authority (MSHDA) for the entire project;
WHEREAS, The Ann Arbor City Council hereby determines that Lockwood o...
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