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ORDER OF THE NEW HAVEN BOARD OF ALDERS APPROVING WESTMOUNT DEVELOPMENT GROUP, LLC., PROJECT NAME HILL CENTRAL PHASE II, TAX ABATEMENT FOR THE LOW-INCOME AFFORDABLE DEVELOPMENT AT BUTTON, PUTNAM, AND WASHINGTON STREETS NEW HAVEN, CONNECTICUT.
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WHEREAS: this project currently known as the Hill Central Phase II, located at Button, Putnam, and Washington Streets; and
WHEREAS: the Property will consist of a 8 buildings with 40 affordable units; and
WHEREAS: Westmount Development Group, LLC., and the City have agreed to enter into a seventeen (17) year agreement and
WHEREAS: Westmount Development Group, LLC will pay a tax amount for the 40 affordable units of $450 per year/per unit and beginning in year 3 will pay an escalation of 3% additional each year for the remainder of the 17-year agreement; and
NOW, THEREFORE, BE IT ORDERED, that the Board of Alders hereby authorizes the Mayor of the City to execute and deliver all such documentation on behalf of the City.