City Council Regular Meeting September 19, 2018
Holland Youth Advisory Council INTRODUCTION OF THE 2018 / 2019
Special Order of the Day Public Hearing of Necessity DOWNTOWN PARKING ASSESSMENTS
Special Order of the Day Public Hearing of Necessity PRINCIPAL SHOPPING DISTRICT (PSD) ASSESSMENTS
Special Order of the Day Public Hearing of Necessity DOWNTOWN SNOWMELT OPERATION ASSESSMENTS
Unfinished Business 159 South River Apartments Project PROPOSED TEXT EXEMPTION ORDINANCE TO ALLOW PILOT FOR PROPOSED GENERAL CAPITAL SOUTH RIVER AVENUE APARTMENTS PROJECT
159 River Avenue Apartments
Value Proposition Incentives Public Purpose
PILOT with an MSA PILOT = Payment in Lieu of Taxes Would be exempt from property taxes and instead have an annual service charge... of the Annual Service Rents actually collected, exclusive of utility charges paid by tenants. Required in order to qualify for low-income housing tax credit (LIHTC)
PILOT with an MSA MSA = Municipal Services Agreement A fee paid by the developer to the City for municipal services provided to the development
General Capital Group (72 Units) Updated Current Taxes Other PILOT s Apartments without Incentives (average) Projected Project without Incentives City Portion $363.60 per unit $101.35 per unit $142.16 per unit $360.98 per unit $847.16 per unit
General Capital Group (72 Units) Projected Cost of Incentive to City over the Term of the PILOT / MSA Low End High End $2,128 Total City Portion Per Unit ($7,109) $153,231 Total City Portion Per Project ($511,862) Assumptions: 19-Year Term 4% PILOT MSA with 2% Escalator 0% Change in Low-End / High-End Value With $2,000 Additional to MSA in Year 6 and 12
Amendment to Pilot Ordinance
Municipal Services Agreement
Development Agreement
Resolution of Community Support
Unfinished Business 40 West 16 th Street Apartments Project PROPOSED TAX EXEMPTION ORDINANCE TO ALLOW PILOT FOR PROPOSED SAMARITAS AFFORDABLE LIVING PROJECT
40 West 16 th Street Aerial Corner View Corner View South East View North East Corner View
40 West 16 th Street Aerial Corner
Value Proposition Incentives Public Purpose
PILOT with an MSA PILOT = Payment in Lieu of Taxes Would be exempt from property taxes and instead have an annual service charge... of the Annual Service Rents actually collected, exclusive of utility charges paid by tenants. Required in order to qualify for low-income housing tax credit (LIHTC)
PILOT with an MSA MSA = Municipal Services Agreement A fee paid by the developer to the City for municipal services provided to the development
Samaritas (48 Units) Updated Current Taxes Other PILOT s Apartments without Incentives (average) Projected Project without Incentives City Portion $235.73 per unit $19.50 per unit $142.16 per unit $360.98 per unit $472.50 per unit
Samaritas (48 Units) Projected Cost of Incentive to City over the Term of the PILOT / MSA Low End High End ($1,492) Total City Portion Per Unit ($3,722) ($71,614) Total City Portion Per Project ($178,673) Assumptions: 20-Year Term 4% PILOT MSA with 2% Escalator 0% change in Low-End / High-End Value
Amendment to Pilot Ordinance
Municipal Services Agreement
Development Agreement
Adoption of Ordinances 40 West 16 th Street Rezoning Request FROM C-1 AND R-TRN TO PRD PLANNED RESIDENTIAL DEVELOPMENT DISTRICT
40 West 16 th Street Aerial Corner View Corner View South East View North East Corner View
40 West 16 th Street Aerial Corner
Site Plan
Transportation Services Traffic Change ADD 4-WAY STOP AT EAST 24 TH STREET & COUNTRY CLUB RD
Transportation Services Set Public Hearing for October 3, 2018 HOPE AVENUE RECONSTRUCTION PROJECT ASSESSMENT ROLL
ANNOUNCEMENTS
Near Term Public Events Public Open House & Ribbon Cutting September 29 th 10am Community Interfaith Hymn Sing September 30 th Fall Fest - October 13th Parks & Recreation Home Ownership Seminar October 13 th Coco the Movie - October 19 th
For More Information: You can contact the Mayor and City Manager and their support staff by phone at 616.355.1310, or by email to hcmanager@cityofholland.com You can email the Mayor s Office at mayor@cityofholland.com Please address correspondence as follows: City of Holland * City Manager s Office 270 S. River Avenue * Holland, MI 49423 Monday Friday, 8 a.m. 5 p.m. For the latest news and happenings follow us on: Facebook facebook.com/hollandmichigan Twitter twitter.com/cityofholland