Memphis Developer Renews PILOT Tax Break Application For $12.2 Million Project At Woodlawn Apartments

Friday, May 19, 2017

A Memphis developer is renewing an application for a PILOT tax break for a $12.2 million development at the Woodlawn Apartments.

The application says, "Alco Properties, Inc. and our partners are making a $12.2 million investment in East Chattanooga. We are in the process of preserving 163 units of the limited supply of affordable housing for low-income families in Chattanooga and Hamilton County.

"Bayberry Apartments, formerly known as Woodlawn and Windsor Terrace Apartments, has been serving low-income families for over 40 years and is in need of a major physical renovation. Additionally, in recent years the property has struggled to deal with the broader issues of poverty and violence in East Chattanooga.

"This renovation, in partnership with the city, the county, THDA, and HUD, will add years of life to the buildings, improve the residential units, and will add important services to the community. This project will greatly improve a formerly depressed apartment community and will allow many more low income families to be both well-housed and well-served for years to come.

"We are seeking approval of a PILOT to freeze property taxes at their current level and to remove the Low Income Housing Tax Credit (LIHTC) subsidy from the property tax calculation during the 15-year credit period that corresponds with the proposed 15 year term of the PILOT. This PILOT is an integral piece of the proposed financing plan and will deliver a project that addresses both the critical need for affordable housing and the needs of low income families. Specifically the benefits of the PILOT fall into two categories, security and resident services.

"Increased security at Bayberry will have a meaningful impact on the residents of the property and the broader community. Alco has been working with the Chattanooga Police Department to coordinate increased security at the property for the benefit of the residents and the neighborhood. In addition to the on-duty police services, we have engaged off-duty police officers to provide additional security at critical hours.

"The PILOT is essential for the long-term ability of the property to afford an enhanced police presence. In the same way that we are significantly improving the physical attributes of Bayberry, our goal is to rebuild this apartment community as a safe family environment that residents are proud to live in.

"With a foundation of quality housing and a safe community, Alco wants to create an atmosphere where residents have the opportunity to thrive. The PILOT will allow Bayberry to offer resident services that benefit the children and families that live at Bayberry. Specifically, the property will use the PILOT savings to hire a resident service coordinator to work with and encourage residents of Bayberry to access the many resources available in Chattanooga and Hamilton County through partner organizations. Alco has a strong track record of partnering with local service providers to serve the needs of residents. Tutoring programs, computer classes, and summer programs are typical offerings anticipated for Bayberry. An on-site resident service coordinator offers the ability to help tailor referrals and programs to individual residents."

The application goes before the city's Health, Education and Housing Facility board on Wednesday at noon.

Alco had a similar application last year, but it was withdrawn.


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