Memphis Developer Renews PILOT Tax Break Application For $12.2 Million Project At Woodlawn Apartments

Friday, May 19, 2017

A Memphis developer is renewing an application for a PILOT tax break for a $12.2 million development at the Woodlawn Apartments.

The application says, "Alco Properties, Inc. and our partners are making a $12.2 million investment in East Chattanooga. We are in the process of preserving 163 units of the limited supply of affordable housing for low-income families in Chattanooga and Hamilton County.

"Bayberry Apartments, formerly known as Woodlawn and Windsor Terrace Apartments, has been serving low-income families for over 40 years and is in need of a major physical renovation. Additionally, in recent years the property has struggled to deal with the broader issues of poverty and violence in East Chattanooga.

"This renovation, in partnership with the city, the county, THDA, and HUD, will add years of life to the buildings, improve the residential units, and will add important services to the community. This project will greatly improve a formerly depressed apartment community and will allow many more low income families to be both well-housed and well-served for years to come.

"We are seeking approval of a PILOT to freeze property taxes at their current level and to remove the Low Income Housing Tax Credit (LIHTC) subsidy from the property tax calculation during the 15-year credit period that corresponds with the proposed 15 year term of the PILOT. This PILOT is an integral piece of the proposed financing plan and will deliver a project that addresses both the critical need for affordable housing and the needs of low income families. Specifically the benefits of the PILOT fall into two categories, security and resident services.

"Increased security at Bayberry will have a meaningful impact on the residents of the property and the broader community. Alco has been working with the Chattanooga Police Department to coordinate increased security at the property for the benefit of the residents and the neighborhood. In addition to the on-duty police services, we have engaged off-duty police officers to provide additional security at critical hours.

"The PILOT is essential for the long-term ability of the property to afford an enhanced police presence. In the same way that we are significantly improving the physical attributes of Bayberry, our goal is to rebuild this apartment community as a safe family environment that residents are proud to live in.

"With a foundation of quality housing and a safe community, Alco wants to create an atmosphere where residents have the opportunity to thrive. The PILOT will allow Bayberry to offer resident services that benefit the children and families that live at Bayberry. Specifically, the property will use the PILOT savings to hire a resident service coordinator to work with and encourage residents of Bayberry to access the many resources available in Chattanooga and Hamilton County through partner organizations. Alco has a strong track record of partnering with local service providers to serve the needs of residents. Tutoring programs, computer classes, and summer programs are typical offerings anticipated for Bayberry. An on-site resident service coordinator offers the ability to help tailor referrals and programs to individual residents."

The application goes before the city's Health, Education and Housing Facility board on Wednesday at noon.

Alco had a similar application last year, but it was withdrawn.



Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: ANDERSON, CEAUNA JASHAE  2501 OAK ST CHATTANOOGA, 37404  Age at Arrest: 19 years old Arresting Agency: Chattanooga DOMESTIC ASSAULT --- BLEVINS, JAMES BRAYDEN  683 BANDY RD RINGGOLD, 30736  Age at Arrest: 27 years old Arresting Agency: Chattanooga THEFT OF PROPERTY DRUGS GENERAL ... (click for more)

Catoosa County Arrest Report For Feb. 16-22

Click  here  for the Catoosa County arrest report for Feb. 16-22. (click for more)

Legislators: Protect Our Students And Teachers

When students step into their classrooms, they are there to learn and prepare for their future. Our teachers serve to advance each student’s education and guide them towards success.  Educators have an additional responsibility: maintaining the trust and respect of their students by conducting themselves professionally and responsibly. The vast majority of our ... (click for more)

Roy Exum: Why CNN Is Gonna Croak

I believe CNN (Cable News Network) has become one of the most disappointing news sources America has ever known in the last five years. The bastions of sound journalism no longer exist as the once-great organization has gone the way of liberal loathing. Its new basis-of-fact cannot be trusted and the overwhelming bias against conservatives in our nation is as morbid as it is frightening. ... (click for more)

Baylor Boys Advance To D-II Final Four

Baylor and Ensworth split their two regular-season basketball games with the Red Raiders prevailing by 15 at home while the Tigers won by a dozen in Nashville. They played the rubber game in the series Saturday at Baylor’s Jimmy Duke Arena. The game was much closer than either of the first two, but the home team won again as Baylor improved to 18-6 with the closer-than-it-sounds ... (click for more)

Cookeville Shocks Cleveland, 70-68, In Region 3-3A Tournament

CLEVELAND, Tenn. – As a No. 1 seed, Cleveland had reason to feel comfortable going into Saturday’s Region 3-3A boys’ basketball tournament against No. 4 Cookeville. However, the Cavaliers figured they were the Blue Raiders’ equal. And they were. Cookeville overcame a sluggish start and then took the battle to Cleveland over the final three quarters, Noah Hilliker ... (click for more)