COLDWATER, MI (WTVB) – The Coldwater City Council has formally approved establishing a Payment In Lieu of Taxes (PILOT) policy to support the extensive renovation of the Tibbits Greene Apartments. Located at 124 Northshore Drive, the 24-unit affordable senior housing development will undergo comprehensive updates to its interiors, roofing, and parking lot surfaces to address ordinary wear and tear.
Greg Mustric with Woda Cooper the management company for Tibbits Green says the renovations run more than $1 million then initially planned
The property, originally constructed in 2005 by the Woda Cooper Companies, will remain designated entirely for low-income seniors with no market-rate units or vouchers.
By enacting the ordinance, the city grants a 10% annual service charge instead of traditional property tax millages, a move designed to help the developer secure crucial State housing tax credits from the Michigan State Housing Development Authority (MSHDA).
The financial impact of the shift is minimal, with the difference between current taxes and the new service charge totaling approximately $2,000 annually, distributed across all local taxing jurisdictions.
This approval aligns with Coldwater’s ongoing precedent of utilizing PILOT agreements for community benefit, following similar housing initiatives previously granted to the Whispering Pines and Old Mill Race apartment complexes.
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