30-Year PILOT Agreement for Avon Towers Renovation Approved
City of Rochester HillsCity · Rochester Hills, MI- Disclosed value
- $8,000,000 (renovations), 6.75% in-lieu of tax fee (PILOT) over 30 years
- From minutes
- Approved
- Jan 22, 2024
- Term
- 30 years
- Renews
- Free account
The 30-second brief
Rochester Hills City Council approved a Payment in Lieu of Taxes agreement and authorized ordinance drafting with Related Affordable for the purchase and $8 million renovation of Avon Towers, instituting a 30-year PILOT at 6.75% of annual shelter rents. The agreement safeguards long-term affordable housing for seniors and the disabled.
Related Affordable holds this contract with City of Rochester Hills. Its other public contracts on record include work for City of East Orange and Boulder county Housing Authority.
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Contract details
- Amount
- $8,000,000 (renovations), 6.75% in-lieu of tax fee (PILOT) over 30 years
- Document date
- January 22, 2024
- Term
- 30 years
- Renews
- Free account
- Vendor
- Related Affordable
- Agency
- City of Rochester Hills
- Source document
- Rochester Hills City Council Meeting Minutes January 2024 (Minutes)
Related Affordable's other public contracts
More City of Rochester Hills contracts
Questions about this contract
Who was awarded the government contract by City of Rochester Hills?
Related Affordable was awarded this government contract by City of Rochester Hills, as recorded on January 22, 2024. The contract value is $8,000,000 (renovations), 6.75% in-lieu of tax fee (PILOT) over 30 years.
How much is the Related Affordable contract with City of Rochester Hills worth?
The Related Affordable contract with City of Rochester Hills is valued at $8,000,000 (renovations), 6.75% in-lieu of tax fee (PILOT) over 30 years.
What type of contract is this?
This is a government contract, documented as a minutes record.
Where was this contract approved?
This contract appears in Rochester Hills City Council Meeting Minutes January 2024 (Minutes), dated January 22, 2024 from City of Rochester Hills. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Related Affordable hold?
Related Affordable may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Rochester Hills currently buying?
Explore City of Rochester Hills's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.