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Council approves PILOT with Renaissance Towers; project described as largest affordable housing redevelopment in state
Summary
The council approved a payment-in-lieu-of-taxes agreement with Renaissance Towers and Apartments: $95,000 starting in 2027, increasing 3% annually for 30 years, tied to a $27 million investment including 450 units and two senior-living towers.
The Hammond Common Council approved Ordinance 25-28 on Oct. 27, authorizing a payment-in-lieu-of-taxes (PILOT) agreement with the Renaissance Towers and Apartments. The agreement begins in 2027 with an annual payment of $95,000 that will increase 3% each year for a 30-year term.
Councilman Salinas described the project as a $27,000,000 investment that will encompass 450 units including both senior-living towers. Mayor McDermott said the project is part of a wave of downtown investments, attributing renewed investor confidence to the nearby train line and noting additional downtown projects forthcoming.
Vote and context: The measure was moved and seconded and passed by roll call 9-0. Council members expressed support for downtown redevelopment and noted a nearby bank project and new dining options as evidence of growing activity.
Whats next: The PILOT will take effect beginning in 2027; staff and redevelopment officials will implement the agreement according to its schedule.
