Developer Seeks 40-Year PILOT for Novi Housing Project
City of NoviCity · Novi, MI- Disclosed value
- Year 1 payment estimate $143,100; average annual payment $216,100; cumulative 40-year payment $8,644,800
- From staffreport
- Document date
- Aug 10, 2026
The 30-second brief
Lincoln Avenue Communities proposes a 40-year Payment in Lieu of Taxes (PILOT) agreement with Novi for its 267-unit income-restricted housing development at 45500 Grand River Avenue. The PILOT, set at 3% of shelter rents, is designed to replace standard property taxes and fully close the project’s financing gap while generating an estimated $8.64 million to taxing entities over 40 years.
Lincoln Avenue Communities holds this financial services contract with City of Novi. Its other public contracts on record include work for City of Rochester and Housing Finance Authority Of Palm Beach County.
Term as filed: Proposed 40 years (PILOT based on 3% of shelter rents).
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Contract details
- Contract type
- Financial Services
- Amount
- Year 1 payment estimate $143,100; average annual payment $216,100; cumulative 40-year payment $8,644,800
- Document date
- August 10, 2026
- Term
- Proposed 40 years (PILOT based on 3% of shelter rents)
- Agency
- City of Novi
- Source document
- City of Novi StaffReport Initial presentation of the project in the City West Corridor from Lincoln Avenue Communities 2026-08-10 (StaffReport)
Lincoln Avenue Communities's other public contracts
More City of Novi contracts
Questions about this contract
Who was awarded the financial services contract by City of Novi?
Lincoln Avenue Communities was awarded this financial services contract by City of Novi, as recorded on August 10, 2026. The contract value is Year 1 payment estimate $143,100; average annual payment $216,100; cumulative 40-year payment $8,644,800.
How much is the Lincoln Avenue Communities contract with City of Novi worth?
The Lincoln Avenue Communities contract with City of Novi is valued at Year 1 payment estimate $143,100; average annual payment $216,100; cumulative 40-year payment $8,644,800, covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a staffreport record.
Where was this contract approved?
This contract appears in City of Novi StaffReport Initial presentation of the project in the City West Corridor from Lincoln Avenue Communities 2026-08-10 (StaffReport), dated August 10, 2026 from City of Novi. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Lincoln Avenue Communities hold?
Lincoln Avenue Communities 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 Novi currently buying?
Explore City of Novi's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.