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Committee approves 15-year PILOT for 94-unit Grand Meridian affordable housing project
Summary
The committee approved a 15-year payment-in-lieu-of-taxes (PILOT) agreement for Grand Meridian LP, a 94-unit affordable housing redevelopment, with a 40-year affordability commitment and supportive services funded in part by the PILOT.
The Metropolitan and Economic Development Committee on Monday approved a 15-year payment-in-lieu-of-taxes (PILOT) agreement for Grand Meridian LP, a TWG Development project that will convert a long-vacant 1951 building at 3470 North Meridian Street into 94 affordable housing units.
Marissa Knaister, senior development director at TWG Development, presented the Proposal 146 application. She said Grand Meridian will offer units at 30, 50 and 60 percent of area median income, preserve most original unit layouts (with six units repurposed for resident amenities), and include on-site supportive services such as an on-site learning center, fitness space and…
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