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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 621 North Dupont Avenue, known as Riverwood Tower.
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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 "LIHTC 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 LIHTC Ordinance (the "PILOT Program"); and
WHERAS, the Metropolitan Council approved an annual tax abatement not to exceed $2,500,000; and
WHEREAS, a balance in the amount of annual funding available for LIHTC's is currently $1,927,722 after accounting for the following projects: Poplar Bend ($572,278)
WHEREAS, APP Riverwood Partners, LLLP ("Owner") plans to acquire land located at 621 North Dupont Avenue (the "Project Site"); and
WHEREAS, Owner has proposed that an apartment project consisting of approximately 117 units restricted to individuals and families earning 60% or less of the Area Median Income (AMI) utilizing inco...
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