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Riverwood update: floodplain recategorized, saving about $30,000 in insurance; leasing season ramps up
Summary
Riverwood leasing activity is picking up for the season, staff reported a floodplain recategorization that reduces insurance costs by roughly $30,000 annually, and a payment‑in‑lieu pilot program may lower real estate taxes.
Staff reported that Riverwood staffing and leasing are improving, and they described two developments that will reduce operating costs: a floodplain recategorization and a pilot tax‑payment program.
Management said leasing activity is increasing for the spring season and that the leasing team will host a real‑estate‑agent open house in about two weeks. “We’re slowly filling back up… we’re hitting the right rental season now,” a staff member said.
On costs, staff credited David with a recategorization of the property’s floodplain designation that will save the project about $30,000 a year in insurance premiums. Management also said a pilot program that affects payment of real‑estate taxes will reduce its tax burden when the program begins.
Why it matters: reduced insurance and tax obligations can materially improve cash flow for a large multi‑unit property, and improving leasing rates affect revenue projections.
What’s next: management will continue leasing outreach (including a realtor open house), track the insurance and tax savings in future monthly results, and report back on occupancy and cash flow.
