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Council reviews term sheet for 452-unit Parkway Neighborhood Apartments; staff recommends up to nine years of pay-as-you-go abatement
Summary
Council heard a staff review of a proposed pay-as-you-go tax abatement and fee waivers to make a three-phase, 452-unit market-rate apartment project feasible; staff recommended up to $1.9 million (present value) over nine years conditional on pro forma review and a look‑back clause.
City staff presented a proposed term sheet for a proposed three-phase, 452-unit development (Parkway Neighborhood Apartments) and the council discussed a negotiated financing package that would combine fee waivers and a pay-as-you-go (PAYGO) tax abatement to make the project minimally feasible for private investors.
Staff said a detailed pro-forma and market study (Maxfield Research) support the project’s rents and financial assumptions. Because the developer must finance on-market rates, staff recommended a PAYGO payment stream that would total about $1.9 million in present value over nine years (this assumes the…
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