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Council introduces M. Lofts Spring Street financial agreement; project includes 150 units, 20% affordable and property gifts
Summary
Morristown — The Town Council on May 13 introduced ordinance O-21-2025, authorizing a long‑term tax exemption and financial agreement for the M. Lofts Spring Street redevelopment, a proposed six‑story project with 150 residential units and 20% affordable housing.
Morristown — The Town Council on May 13 introduced ordinance O-21-2025, authorizing a long‑term tax exemption and financial agreement for the M. Lofts Spring Street redevelopment, a proposed six‑story project with 150 residential units, two levels of structured parking and a 20% affordable component.
Daniel Banker of NW Financial Group presented the firm’s review of the developer’s pro forma and told the council the project’s estimated total cost is about $78.36 million. Banker said the firm adjusted some of the developer’s cost assumptions (including land‑value inputs) and concluded the project is unlikely to be financeable under full conventional property taxes. NW recommended a negotiated PILOT to achieve lender‑acceptable underwriting metrics.
Under terms reported to the council, the PILOT would be a 20‑year financial agreement with payments calculated as a percentage of annual gross revenues: roughly 12% for the first five years, 13% for the…
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