Title
Public Hearing: Residences at Echelon Amendments to Chapter 100 Industrial Development Project.
Body
Issue/Request:
M-150 Echelon Land Development, LLC is the developer of the 243 unit multi-family Residences at Echelon project currently under construction on 12.6 acres immediately north of Aldersgate Methodist Church located on M-150 Hwy. M-150 Echelon Land Development, LLC is requesting to amend the Chapter 100 Industrial Development Project to amend the Payment in Lieu of Tax (PILOT) schedule and authorize additional bond capacity in the amount of $9,000,000 for a total maximum principal amount not to exceed $36,000,000 to complete the project. The request to amend the approved Chapter 100 Industrial Development Project is due to construction delays caused by various factors.
Key Issues:
M-150 Echelon Land Development, LLC is requesting to amend the current PILOT schedule to allow for one additional year for construction completion. The current approved PILOT schedule allows for the first two year PILOTS to be nominal amounts to allow for project completion during 2017 - 2018 with 2019 PILOTS established for project completion and full occupancy. The PILOT structure for the completed project is approved to be in place through 2028 (ten year period). As the project is not fully completed, M-150 Echelon Land Development, LLC is requesting one additional year of nominal PILOT's to allow for project completion and occupancy prior to triggering the "full" PILOT payment for the completed project. In summary, this would adjust the PILOT schedule by deferring the "full" PILOT payment by one year. Provided below is a comparison of the approved PILOT schedule and the proposed/requested PILOT schedule.
Approved PILOT Schedule Proposed/Requested PILOT Schedule
YEAR AMOUNT YEAR AMOUNT
2017 20,421 2017 20,421
2018 20,421 2018 20,421
2019 241,299 2019 20,421
2020 241,299 2020 241,299
2021 241,299 2021 241,299
2022 247,331 2022 241,...
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