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Developers outline IRB pilot plans for Rose Tower and Midland Station; board asked to support pilot agreements
Summary
Two developer teams presented industrial revenue bond (IRB) pilot proposals to the Fayette County Board: Related Affordable to preserve and renovate Rose Tower as 100% affordable (168 units), and UCD Midland for a 258-unit Midland Station workforce project; both sought district support for pilot/pilot-payment agreements that would defer some property taxes during a multi-year leaseback.
Two development teams asked the Fayette County Board of Education on May 11 to support pilot agreements under a recently expanded industrial revenue bond program that can be used for affordable or workforce housing.
Related Affordable — Rose Tower: Tracy Bruno introduced Sam Sjoberg of Related Affordable, who said the firm is seeking to acquire and comprehensively renovate the 168-unit Rose Tower in downtown Lexington and preserve affordability for every unit. Sjoberg said ongoing project-based Section 8 currently subsidizes 120 units for seniors and residents with disabilities; the developer proposes KHC financing and a HUD 20-year renewal of project-based rental assistance while applying affordability restrictions to the remaining…
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