Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
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 include a 3 percent annual escalation in pilot payments beginning in 2027. "This is an area that needs upgrading," Salinas said, noting the project will stabilize long-standing housing stock and provide funds to the city that otherwise would not come from tax-exempt properties.
Mayor Thomas McDermott described the developer as Renaissance Preservation LLC and Siena Affordable Communities and said the investment will improve living conditions for about a thousand residents of the building complex; he called the agreement "a great project." The mayor also explained that PILOTs are commonly used where tax-exempt owners must contribute to municipal services.
The ordinance passed on a roll call vote of 9-0. Council discussion emphasized preserving affordable senior housing while securing predictable payments to the city over time. The ordinance sets the start of payments in 2027 and an annual escalation rate of 3 percent; additional administrative details will be finalized in the PILOT agreement documents.
