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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 a senior housing phase on Birth Street. The assessment office estimated annual payments in lieu of taxes of roughly $64,900 for the first project and $68,750 for the senior phase, plus applicable special assessments and utility charges. The commissioner said negotiation over terms occurred previously and clarified there is no rent escalator in the proposed terms despite an earlier representation to council staff.
Councilors discussed the neighborhood context: the blocks include long-standing public housing (Pioneer Homes and others) that have historically been tax-exempt. Staff said the redeveloped blocks will generate new revenue and that the proposed terms are consistent with previously negotiated deals to facilitate financing and redevelopment. Staff also said they would reconcile language in the SHA resolution and provide corrected documents prior to the next meeting.
No final council vote is recorded in the transcript excerpt; staff urged adoption to move the projects' financing forward and said they had negotiated terms with the developers over multiple years.
