Commission authorizes five-year PILOT for Valley Pointe Apartments; project to be held by development authority

Putnam County commissioners authorized a five-year pilot agreement for Valley Pointe Apartments LLC, which will have the property held by the Putnam County Development Authority during the pilot and will pay 70 percent of ad valorem taxes for that term.

County staff explained the arrangement: the development authority (Putnam County Development Authority) will acquire the property temporarily and the apartments' owner will remit 70 percent of the otherwise-assessed property taxes and an annual $1,000 management fee to the development authority. Staff said the assessor's office would still prepare assessments in the usual manner and that after five years the property would revert to the owner and be treated as normal for property-tax purposes.

Staff noted the project was part of a larger investment the presenters described as approximately $110 million in private investment and said the City of Hurricane and the Board of Education would need to sign or otherwise participate in related approvals; the City of Hurricane had already placed the item on its agenda and the board of education had it scheduled for its next meeting.

A motion authorizing the commission president to sign all necessary documents was made and approved as presented.

Commissioners did not adopt any changes to school or municipal taxing authorities in the motion; staff said signoff from the city, school board and assessor remained part of implementation.