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Board approves $25,000 annual PILOT for Townsend Terrace rehab at 800 W. Saratoga
Summary
The Board of Estimates approved a payment‑in‑lieu‑of‑taxes (PILOT) pilot of $25,000 per year for the Townsend Terrace rehabilitation, a 202‑unit Housing Authority property at 800 West Saratoga. The project includes substantial unit renovations, project‑based vouchers and tenant relocation plans overseen by the Housing Authority.
The Board of Estimates on Feb. 5 approved a payment‑in‑lieu‑of‑taxes pilot agreement between the city and Towns at the Terrace LLC for the rehabilitation of Townsend Terrace, a housing complex at 800 West Saratoga.
Alex Kennedy, Housing Commissioner with the Department of Housing and Community Development, said the property contains 202 rental units built in 1999 and has not had a comprehensive renovation. The developer plans a substantial rehabilitation, with estimated costs above $125,000 per unit.…
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