Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Policy topic
No spam. Unsubscribe anytime.
Council amends Storyville PILOT ordinance to name project 'Storyville Flats' and fixes payment schedule inconsistency
Summary
The council amended an existing payment‑in‑lieu‑of‑taxes (PILOT) ordinance to change the project's public name to 'Storyville Flats' and corrected an inconsistency in the year‑one PILOT figure from $5,000 to $7,400; council also discussed consultant tax estimates showing higher projected tax generation.
The Logansport common council amended the PILOT ordinance for a proposed affordable housing project so the project would be called "Storyville Flats" and corrected an internal inconsistency in the PILOT payment schedule.
On second reading the council voted to change references from "Storyville Apartments" to "Storyville Flats," as requested by the project's representatives. Council members also amended the ordinance to correct the PILOT schedule in a table where the first‑year payment appears as $5,000 while other sections and the payment chart show $7,400. The council adopted the amendment to make the ordinance internally consistent.
Nut graf: Councilmembers discussed outside tax‑estimate work provided to staff that suggested the project might generate substantially more property tax revenue in year one than the PILOT schedule indicates. Staff said an external reviewer calculated a conservative tax yield of about $54,720 to $65,600 in the first year under certain assumptions; the council did not change the negotiated PILOT payment but noted the difference.
Councilmember votes recorded during the amendment showed unanimous consent among members present to change the project name in the ordinance and to correct the chart figure. The ordinance and companion resolution were otherwise left in place for final processing.
Ending: The amended ordinance will appear on the July agenda in corrected form; staff said future PILOT negotiations should include independent tax yield analyses when requested by councilors.
