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A resolution authorizing the Metropolitan Development and Housing Agency to negotiate and enter into a PILOT Agreement and accept payments in lieu of ad valorem taxes with respect to a multi-family housing project located at 915 and 927 Skyline Ridge Drive known as Skyline Heights.
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WHEREAS, Tennessee Code Annotated § 13-20-104 (“the Act”) authorizes a Metropolitan Government for which a housing authority is created to delegate to such housing authority the authority to negotiate and accept payments in lieu of ad valorem taxes (“In Lieu of Tax Payments”) from the housing authority’s lessees operating low-income housing tax credit property (“LIHTC Property”) upon a finding that such payments are deemed to be in furtherance of the housing authority's public purposes; and
WHEREAS, the Metropolitan Development and Housing Agency (“MDHA”) was created pursuant to state law and is the housing authority for the Metropolitan Government; and
WHEREAS, by Ordinance No. BL2015-1281, as amended by Ordinance Nos. BL2016-334 and BL2016-435 (the “PILOT Ordinance”), the Metropolitan Council (i) authorized MDHA to negotiate and accept In Lieu of Tax Payments from qualified lessees of LIHTC Property owned by MDHA and (ii) approved MDHA’s program for determining qualifications and eligibility for such In Lieu of Tax Payments, a copy of which was attached to the PILOT Ordinance (the “PILOT Program”); and
WHEREAS, the Metropolitan Council approved an annual tax abatement not to exceed $5,000,000; and
WHEREAS, a balance in the amount of annual funding available for LIHTC PILOTs is currently $2,158,039 after Madison Station ($527,457), Belmont Village ($130,476), Fallbrook Apartments ($316,028), Skyline Ridge ($582,830), Encore on Buena Vista ($639,175), Five String Flats ($619,911), and Trinity Community Housing ($26,084); and
WHEREAS, 927 Skyline Ridge Drive, LP (“Owner”) plans to acquire property located at 915 and 927 Skyline Ridge Drive (the “Project Site”); and
WHEREAS, ...
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