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Council approves PILOT for Renaissance preservation project, citing $23 million investment and 3% escalator
Summary
Council passed Ordinance 25-28 approving a payment-in-lieu-of-taxes (PILOT) agreement for a Renaissance redevelopment project that upgrades senior-living towers and preserves roughly 450 units. The PILOT begins in 2027 with 3% annual escalators and aims to support renovation while delivering annual payments to city coffers.
The Common Council approved Ordinance 25-28 to authorize a payment-in-lieu-of-taxes (PILOT) arrangement for a Renaissance redevelopment project that will renovate two senior-living towers and preserve roughly 450 residential units.
Councilman Salinas said the agreement will support a renovation estimated at about $23 million and will…
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