10/07/2010Posted by MJ
The LUSJ reported that at last night's council meeting the PILOT was approved for the Housing Visions Lockport Canal Homes project.
The Lockport Canal Homes housing development will be property-tax exempt for 20 years, according to an agreement approved by the Common Council on Wednesday.People were pining for the numbers "behind the scenes" and I thankfully have them:
The not-for-profit developer, Syracuse-based Housing Visions, plans to renovate or rebuild houses on 11 lots along Genesee, Locust and Pine streets, if financing for the $9 million product can be lined up.
The agency sought tax-exempt status for the properties to strengthen its application for a homeless housing assistance grant; other grants and funding sources are being pursued now as well, said Housing Visions’ director of development, Ben Lockwood.
According to the agreement, the agency will make annual payments to the city in lieu of taxes, either 5 percent of gross rents collected or $9,000 per year, whichever is more......
LCH Development Budget
LCH Operating Budget
LCH Tax Analysis
Jack Smith has a tentatvie ward meeting lined up for Saturday Nov 6th at the Public Library from 10am to 12pm. HV has been invited to this meeting and confirmation is being awaited. Chew over the numbers and bring your questions.
Buffalo News Article
Old posts on current HV plan:
HV Before Zoning Board Tonight
Housing Visions Rd 2