County Commission Votes 5-3 For Lengthy Tax Break For Developers Of Chestnut Flats

  • Wednesday, November 2, 2016

The County Commission voted 5-3 on Wednesday for a lengthy tax break for developers of a $20 million apartment complex on the Southside with units that are 100 percent for those with moderate incomes.

Several commissioners had problems with the length of the PILOT (payment in lieu of taxes) - 17 years.

Opposed were Joe Graham, Sabrena Smedley and Chairman Chester Bankston. In favor were Greg Beck, Tim Boyd, Warren Mackey, Jim Fields and Randy Fairbanks.

The City Council earlier approved the project.

This was the first PILOT under the new rules set up for the program by the Berke administration.

Under the tighter rules, the focus will go to affordable housing and likely away from downtown, where rents are continuing to rise.

John Shepherd of Elmington Capital of Nashville said the group is ready to start the Chestnut Flats immediately and have the complex open by the summer of 2018. He said rents would be $613 for a one-bedroom and $728 for a two-bedroom. By contrast, he said a two-bedroom unit at the new apartment complex at Main and Market is $1,400. The property will be reserved for those making less than $36,000 per year.

The site is just south of Finley Stadium on property that is now vacant.

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