COLDWATER, MI (WTVB) – A pair of Payment in Lieu of Property Tax policy ordinances were reinstated thanks to approval by the Coldwater City Council on Monday night for the Whispering Pines apartment complex.
The development is owned by Pedcor Companies of Carmel, Indiana. They were seeking the PILOTS as they are planning to do about $8 million worth of renovation work on the property.
City Attorney Amanda O’Boyle said the city granted a pair of 20 year PILOTS to Whispering Pines I in July of 2000 and to Whispering Pines II in February of 2003.
When the previous PILOTS expired, the complex ownership resumed making full property tax payments.
She added that in the past year, taxes for the two properties have been about $330,000 and $122,000 respectively.
In recent years, the city has approved PILOT’s for the Meadowview Senior Apartments and the Old Mill Race Apartments.
This is likely unnecessary. I was a 31 year resident of Carmel IN and am somewhat familiar with Pedcor and their methods. They are hardly adding to the needed supply of low income housing. Please go to Whispering Pines promo site by Pedcor.
They cater to retired past homeowners with high credit scores that want amenities and spacious units. This is both understandable and needed but giving them tax incentives seems unnecessary.
How many of you have swimming pools? Whispering Pines does.