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Monroe council holds first reading of PILOT for 46‑unit Scott Street affordable housing project
Summary
At its Aug. 19 meeting, Monroe City Council heard a first reading of an ordinance to authorize a payment‑in‑lieu‑of‑taxes (PILOT) for a 46‑unit Low‑Income Housing Tax Credit project at 75 Scott Street. Staff presented revenue estimates and recommended a 6% total payment structure; council set a Sept. 29 special meeting for a second reading and public hearing.
Monroe City Council on Aug. 19 held the first reading of Ordinance 25‑007, a payment‑in‑lieu‑of‑taxes (PILOT) proposal tied to a 46‑unit redevelopment at 75 Scott Street proposed by Woda Cooper. The project would be financed with Low‑Income Housing Tax Credits and delivered as 24 one‑bedroom and 22 two‑bedroom units.
Director of Economic and Community Development Mark Cochran summarized the city’s analysis of potential revenue and the proposed payment structure, telling the council the development’s estimated net operating income…
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