City Council Mulls New Tax Break For Huntington HeightsPosted: Updated:
The Huntington Heights housing complex in Watertown could get a face lift. At least, that's the goal of Ohio-based Millennia Housing Development.
"We're in the business of trying to preserve affordable housing and make the units as pleasurable and as nice as possible for those residents who deserve a decent, safe, affordable property," Millennia's Tom Mignogna said.
In order to buy and fix up the property, though, the development company is asking for a tax break from the city.
It's proposing a 17-year tax deal under which the company would pay $90,000 the first year and 3 percent more every year after that.
Council members say 17 years is too long and they would be more comfortable if Millennia's payments were higher.
"We've got to be able to show a benefit to the community, to the taxpayers," council member Cody Horbacz said,
The housing complex is currently under a tax agreement -- called a PILOT agreement for payment in lieu of taxes -- that ends in 2022.
Mayor Joe Butler says when that expires and the complex is fully taxable, the city would get about $130,000 a year.
"You enact a new PILOT with different terms and compare that revenue to the revenue that you would receive with no PILOT," Butler said.
Council members want to get more details and talk with clients the developer has worked with in the past before making any decisions.
The developer hopes to have a deal within the next few weeks.