Title
Resolution to Approve a Payment in Lieu of Taxes (PILOT) for Central at Stadium Blvd - 2060 West Stadium
Memorandum
The Annex Group (or an affiliated entity as required by funding sources), will be acquiring and developing the property at 2060 West Stadium as further described in the attached resolution for the purpose of building 164 affordable homes, with an average household income at or below 60% of the Area Median Income (AMI).
The Annex Group 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: Brett Lenart, Planning Manager
Reviewed By: Derek Delacourt, Community Services Area Administrator
Approved By: Milton Dohoney Jr., City Administrator
Body
Whereas, The Annex Group (or an affiliated entity as required by funding sources), will be acquiring and building approximately 164 affordable homes at 2060 West Stadium in the City of Ann Arbor;
Whereas, The Annex Group 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, Central at Stadium Blvd - 2060 West Stadium 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 Central at Stadium Blvd at 2060 West Stadium Blvd in the City of Ann Arbor, is exempted from all ad valorem property taxes and shall pay an annual service charge in lieu of taxes equal to one dollar ($1.00) for each eligible housing unit in the housing project, as provide...
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