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Committee approves PILOT to support 160-unit Grove at Pleasant Run affordable housing
Summary
A City-County Council committee approved a 15-year payment-in-lieu-of-taxes (PILOT) pilot to help finance The Grove At Pleasant Run, a 160-unit development that will serve households at or below 60% of area median income; the developer said the pilot is needed to meet a local contribution requirement for tax credits.
A City-County Council committee voted to approve a payment-in-lieu-of-taxes (PILOT) pilot to support The Grove At Pleasant Run, a proposed 160-unit affordable housing development in District 24, following a presentation from TWG development representative Marissa Kanatzer.
Kanatzer said the Grove would offer a mix of one-, two- and three-bedroom apartments, indoor and outdoor amenities and a resident services program. "We are seeking a pilot starting at $72,000 in year 1, increasing at 3% annually for a 15-year term," she told the committee, adding the developer would commit to…
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