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Assessment department seeks shelter-rent exemptions for East Adams redevelopment; council hears revenue estimates
Summary
City assessment staff asked council to authorize two shelter-rent exemptions under the Private Housing Finance Law for East Adams redevelopments, citing projected PILOT payments of roughly $64,900 and $68,750 annually for two phases; the record shows negotiation history and clarification about escalators and terms.
City assessment staff asked the council to authorize two shelter-rent (payment-in-lieu) exemptions under the Private Housing Finance Law to support early phases of the East Adams neighborhood revitalization.
The commissioner of assessment said the two requested exemptions cover a mixed-income project at 901 South State Street with some unrestricted units and…
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