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Commission approves 30‑year tax‑exemption pilot for Lot O housing project; estimated tax reduction $2.0M
Summary
The commission adopted a resolution granting a 30‑year payment‑in‑lieu‑of‑taxes (PILOT) for the Lot O project with Homestretch Nonprofit Housing Corp., authorizing a 4% tax rate and estimating a $2,000,381.61 reduction in taxes over the pilot term.
The City Commission adopted a resolution April 7 approving a tax‑exemption pilot (payment in lieu of taxes) for the Lot O affordable housing project proposed by Homestretch Nonprofit Housing Corp. The resolution authorizes a 4% PILOT rate for a term not to exceed 30 years (the resolution language notes the pilot applies for the life of the mortgage or 30 years, whichever is longer).
Proponents described the project as a mixed‑use redevelopment with residential units aimed at lower income levels and some…
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