Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Authority approves private enterprise agreement to help Prestwick compete for LIHTC award for Florence On Main
Summary
The Development Authority voted to approve a private enterprise agreement with developer Prestwick for the proposed Florence On Main low-income housing project, a move intended to give the applicant an extra point on the Department of Community Affairs LIHTC application; the board discussed tax-abatement mechanics, annual authority payments and project costs before the vote.
The Development Authority voted to approve a private enterprise agreement with developer Prestwick to support the proposed Florence On Main low-income housing project, authority members said at a special meeting.
An authority representative explained the agreement is intended primarily to help Prestwick secure an extra scoring point in the Department of Community Affairs low-income housing tax credit (LIHTC) round. The representative said the authority reworked the standard private enterprise agreement language — which he said is, in his view and that of other attorneys, constitutionally suspect — into a document structured like an inducement resolution that would still provide tax-abatement benefits while avoiding the problematic statutory form.
Under the plan described to the board, the developer would complete the project and transfer title to the authority; the authority would issue revenue bonds to pay the developer, and the developer would lease the property back. Because the authority is a tax-exempt…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
