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Kenner Council backs 20-year PILOT to finance renovation of Westminster Tower senior housing
Summary
The Kenner City Council voted 7-0 to support the Jefferson Economic Development Commission(JEDCO) in extending a 20-year payment-in-lieu-of-taxes (PILOT) arrangement for the Westminster Tower senior housing complex, a move JEDCO and the new owners say will fund multimillion-dollar renovations while preserving low rents under HUD rules.
The Kenner City Council on Sept. 19 voted 7-0 to support a JEDCO payment-in-lieu-of-taxes (PILOT) arrangement for Westminster Tower LP and an affiliated nonprofit to finance urgent renovations at the Westminster Tower senior housing complex.
The resolution asks the Jefferson Economic Development Commission to extend tax-exempt status to the project so the ownership group can complete renovation work while maintaining HUD-required affordability. Council members voted to approve the resolution without opposition.
JEDCO president and CEO Jerry Bologna told the council the property —301 Idaho Avenue—4 has been tax-exempt for decades under nonprofit ownership and now faces a transition to a private ownership structure that includes a for-profit partner. "This payment in lieu of taxes, which would extend that tax exempt status, is going to go a long way into achieving, achieving these goals," Bologna said, describing the…
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