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Committee advances TID 125 to redevelop Carlton School into 48 affordable housing units at Historic Patterson Place
Summary
A proposal to create Tax Incremental District 125 and support redevelopment of the former Carlton School into 48 affordable and market‑rate rental units cleared committee approval. The redevelopment includes 30 income‑restricted apartments in the school building and 18 townhouses on the site’s parking lot, and will use a mix of 9% low‑income tax
The committee recommended approval of a project plan and development agreement to create Tax Incremental District (TID) 125 to support redevelopment of the former Carlton School (4116 W. Silver Spring Drive) as “Historic Patterson Place.”
Project scope: The redevelopment will convert the vacant school building into about 30 one‑ and two‑bedroom apartments restricted to households earning roughly 30–60% of area median income (AMGI), and construct 18 three‑bedroom townhouses on the adjacent parking lot (market and income‑restricted units were described by staff). The full project was described as 48 units plus roughly 3,000 square feet of multipurpose community space, on‑site bicycle parking and a playground. Developers said completion is anticipated by late 2026.
Financing and public terms: Project presenters said financing will combine 9% low‑income housing tax credits, historic tax credits, first‑mortgage debt, housing trust funds, a brownfield loan and deferred developer fee. The city’s proposed developer‑financed TID contribution was $970,000 at 6.55% interest over up to 25 years; project team members said the developer will assume the TID financing risk.
Workforce and contracting conditions: DCD staff said the project will sign an HR agreement requiring 40% of construction hours to be performed by city residents, certified RPP participation, and 25% of construction dollars to be awarded to city‑certified SBEs. Committee members noted the TID amount is slightly under $1 million but said the developer agreed to the workforce and SBE commitments in negotiations.
Committee action: DCD presented the project and developers explained financing and schedule. Alderman Stanley Pratt, the district alder, was reported to support the project; the committee voted to recommend adoption without objection.
Why it matters: The measure converts a long‑vacant, city‑owned public school property into mixed rental housing and community space, using federal and state tax credits coupled with a small developer‑financed TID. The project raises typical questions about trade‑offs between tax‑credit equity, TID backing and community hiring goals.
Ending: Staff said they will return with final agreements and continue to report on HR agreement compliance and construction progress.
