Title
Request for PILOT Agreement by DV Limited Dividend Housing Association (LDHA), Limited Partnership (LP), an affiliate of Redwood Housing, 2566 Walton Blvd.
Body
Be it Resolved, that the City Council authorizes the City Attorney to draft an amendment to Ordinance 30-32 Danish Village establishing the provisions of a PILOT between the city and DV Limited Dividend Housing Association (LDHA) after receiving certification by MSHDA identifying the facility as tax exempt under its programs with the provision that the payment in lieu of taxes be equal to 7%, as long as the federally-aided or authority-aided mortgage, advance or grant remains outstanding and that the proviso that there is 100% low-income affordable housing provided during the course of the PILOT otherwise that portion of the housing development occupied by other than low-income shall be subject to a service fee equal to ad valorem taxes.