Summary
A $110 million downtown apartment building is in receivership and wants a 15-year tax deal to survive — flipping from 20% affordable to 80% workforce housing. The committee held it, worried about precedent, lost property tax revenue and whether this is a bailout.
At a glance
- Total mentions
- 3
- Last 30 days
- 0
Last discussed Jun 4, 2026.
Impact analysis
The PILOT would replace ad valorem taxes with 7% of rental revenue — a slight revenue increase over today, but far less than post-foreclosure 'uncapped' taxes.
Existing tenants (especially 74 low-income residents with capped rents), the acquiring developer, and downtown property values.
Potentially city taxpayers if projected revenue falls short over the 15-year term.
Mentions & discussions (3)
Planning and Economic Development Standing Committee
The building is in receivership, and the new owner wants the city's workforce-housing PILOT to keep it afloat and preserve affordability. The committee held both resolutions a week pending outstanding reports.
Budget, Finance And Audit Standing Committee
A downtown apartment project wants a 15-year payment-in-lieu-of-taxes deal for workforce housing units. Residents are asking whether PILOTs are draining the general fund and whether the city does real due diligence on them.
Budget, Finance And Audit Standing Committee
A $110 million downtown apartment building is in receivership and wants a 15-year tax deal to survive — flipping from 20% affordable to 80% workforce housing. The committee held it, worried about precedent, lost property tax revenue and whether this is a bailout.
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