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.
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