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Commission approves IDB authority for $30M rehab of Section 8 apartments under 15-year PILOT
Summary
The commission delegated authority to the Industrial Development Board to enter a 15-year payment-in-lieu-of-taxes (PILOT) agreement with DGA Residential for a $30 million renovation of 105 Section 8 units on Squadley Road; terms include a 2025 tax freeze, 3% annual increases and an annual compliance reporting requirement to HUD standards.
Mayor Greg Cox and the Johnson City Commission voted to delegate authority to the Industrial Development Board to enter a pilot payment-in-lieu-of-taxes agreement with DGA Residential for a major rehabilitation of a Section 8 housing complex.
Assistant City Manager Alicia Summers told the commission that the project will be a $30,000,000 investment to renovate 105 existing units built in 1978 on Squadley Road. The renovations will include additional…
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