Council approves PILOT for Renaissance Towers, cites downtown momentum
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Summary
The council approved Ordinance 25-28, a 30-year PILOT beginning 2027 for Renaissance Towers: $95,000 the first year with 3% annual increases. Council and mayor said the $27 million development and proximity to the train line are driving downtown investment.
The Hammond City Council unanimously approved a payment-in-lieu-of-taxes (PILOT) agreement for Renaissance Towers and apartments (Ordinance 25-28) at its Oct. 28 meeting.
Councilman Salinas described the agreement: it begins in 2027 at $95,000 a year, escalates 3% annually, and runs for 30 years. He said the project represents a $27 million investment covering approximately 450 units including two senior-living towers. Mayor McDermott called the project "the largest affordable housing redevelopment project going in the state of Indiana right now" in the councilchamber remarks and credited rail-line investment with improving downtown investor confidence.
Council vote on the PILOT was 9-0. Administration said the project will spur additional downtown activity; the mayor also cited new businesses opening downtown as signs of momentum.
Why it matters: The PILOT is intended to incent a large redevelopment project that officials say will increase housing options downtown and leverage prior infrastructure investments.
What happens next: The PILOT agreement takes effect per ordinance terms and the administration expects to return with implementation details and further announcements on related developments.
