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Board approves assignment of PILOT for 1400 Chestnut to acquiring owner
Summary
The board authorized execution of assignment and assumption documents transferring the 1400 Chestnut payment‑in‑lieu‑of‑taxes (PILOT) agreement to a new owner, Hamilton Zanz; the acquiring firm said it will honor existing affordability and pilot terms.
The Health, Education and Housing Facilities Board voted to authorize the chair or vice chair to execute assignment and assumption documents transferring the PILOT (payment in lieu of taxes) agreement for the 1400 Chestnut multifamily development to the acquiring entity, Street 1400 Chestnut LLC’s purchaser, represented in the hearing by Hamilton Zanz.
Cameron Hill of Baker Dawson, counsel for the seller, said the PILOT is in compliance and eligible for assignment under Section 15 of the agreement. Mitchell Curran, in‑house counsel for the acquiring entity (Hamilton Zanz), told the board Hamilton Zanz is an established multifamily investor already active in Tennessee (citing Bluebird Row and 5 Points North Shore in Chattanooga) and that the firm intends to comply with the pilot’s affordability obligations and other terms.
Board members asked about the existing properties the buyer owns locally and emphasized the importance of continued compliance with affordability provisions. Counsel confirmed Section 15 permits transfer and that the pilot currently includes a four‑year stepped increase after 2026 leading to full valuation in 2031. The board approved the assignment by voice vote.
