Rochester Hills City Council Meeting Minutes January 2024
30-Year PILOT Agreement for Avon Towers Renovation Approved
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Description
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.
Contract Details
Contract Amount
$8,000,000 (renovations), 6.75% in-lieu of tax fee (PILOT) over 30 years
Vendor
RELATED AFFORDABLE
Agency
City of Rochester Hills, MI
Contract Type
OTHER
Document Date
January 22, 2024
Contract Term
30 years
Renewal Date
2054-12-31
Renewal Info
Ordinance to be drafted after MSHDA certification. Term is 30 years with PILOT fee adjustments if tenancy drops below 100% eligible occupancy.
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