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Council approves cooperative agreement with Port Authority for Terrace Ridge rehab project
Summary
Council adopted a resolution authorizing a cooperative agreement with the Dayton Montgomery County Port Authority to enable sales-tax-exemption participation and support rehabilitation of the Terrace Ridge apartment complex at 1312 Macaig Avenue; council recorded a roll-call adoption of the resolution.
Troy City Council on May 4 adopted a resolution authorizing the Director of Public Service and Safety to execute a cooperative agreement with the Dayton Montgomery County Port Authority related to the Terrace Ridge rehabilitation project.
Finance Committee Chair Mr. Seivert told council the project involves rehabilitation of the existing 167 low- to moderate-income garden-style residential units at 1312 Macaig Avenue. Committee members reported the rehabilitation will include 50 studios, 81 one-bedroom and 37 two-bedroom units; at least 10% of units will be converted to mobility-accessible units and 2% to audio-visual accessible units. The committee stated the city has no financial responsibility for the project under the cooperative agreement; the Port Authority will issue a sales-tax-exemption for costs related to rehabilitation and the project will use a 4% low-income housing tax credit with remaining funds coming from county and state sources.
"The city has enacted similar legislation for Clopay, StoryPoint and Clomeo projects," Mr. Seivert said, explaining the cooperative approach. During public comment, a business representative questioned the efficacy of flashing light installations at other locations and urged the city to use current traffic-engineering advice where needed.
Council moved to suspend the readings and subsequently adopted Resolution R26-2026 on first reading; roll-call votes recorded in the transcript show unanimous support among members present at the vote. The resolution clears the way for the Director of Public Service and Safety to finalize the cooperative agreement and proceed with the administrative steps necessary for Port Authority participation and tax-exemption processing.
Council members and staff said further project details, including specific funding mechanisms and contract terms, will be addressed during implementation and through standard reporting to council as contracts and tax-credit allocations are finalized.
