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Roseville council tables vote on PILOT for The Meadows after lengthy presentation and public comment
Summary
Standard Communities sought a 30-year payment-in-lieu-of-taxes (PILOT) agreement tied to a $10 million renovation at The Meadows. Council voted to table the ordinance to a special meeting after requests for more financial detail and review by city staff.
Standard Communities presented a proposal to the Roseville City Council on Sept. 9 seeking a 30-year payment-in-lieu-of-taxes (PILOT) ordinance for 31860 Nardelli Lane, a property known as The Meadows, and council members voted to table the item for further review.
The proposal, delivered by Jesse Fragman of Standard Communities, asked the city to approve a PILOT tied to a renovation plan Fragman described as a “full scale renovation, in magnitude of around $10,000,000,” covering unit interiors, exteriors, paving and a new site-wide security system. Fragman said the PILOT is necessary to secure lender and investor confidence and allow the acquisition and renovation to proceed.
Council members and staff pressed the developer on financial mechanics, occupancy, tax projections and timing. Councilman Leticia…
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