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DDA authorizes Frasier at Old Town MOU that preserves 63 affordable units and tax incentives
Summary
The board unanimously authorized a memorandum of understanding for the Frasier at Old Town Gordon project that retains 63 affordable housing units and caps tax-incentive benefits at a $20,000,000 net present value, subject to final counsel edits.
The Downtown Development Authority authorized a memorandum of understanding for the Frasier at Old Town Gordon project, which the chair said preserves 63 affordable housing units and provides for tax incentive savings up to a $20,000,000 net present value.
Chair described the agreement terms: up to 20 years at a 90% savings structure with a 10% payment-in-lieu-of-taxes to taxing entities and a 10% administrative fee; the motion to authorize the chair to execute the MOU subject to final counsel changes passed unanimously. A board member moved the approval and the board seconded and approved the MOU in the meeting packet language with the caveat that staff and counsel finalize any red-line comments.
Staff will continue to incorporate counsel feedback and return final documents as needed; the DDA added the Frasier MOU as an item to its upcoming special called meeting agenda for confirmation if necessary.
