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ORDER OF THE NEW HAVEN BOARD OF ALDERS APPROVING BEACON COMMUNITIES LLC, TAX ABATEMENT FOR THE MIXED-INCOME, MIXED-USE AFFORDABLE DEVELOPMENT AT STATE & CHAPEL STREET, NEW HAVEN, CONNECTICUT.
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WHEREAS: those properties currently known collectively as the State Street and Chapel Avenue Developments and (the “Property”) owned by Beacon Communities LLC.; and
WHEREAS: the Property will consist of a mixed income community including 60 affordable units and 16 market rate units; and
WHEREAS: Beacon Communities and the City have agreed to enter into a fifteen (15) year PILOT agreement with Beacon Communities; and
WHEREAS: Beacon Communities will pay a PILOT for the 60 affordable units of $400 per year/per unit and beginning in year 5 will pay an escalation of 3% additional each year for the remainder of the 15-year agreement; and
WHEREAS: Beacon Communities will pay full taxes for the 16 market rate units.
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.
BE IT FURTHER ORDERED that this agreement is only operative and effective after the related State funding requests of Beacon Communities are authorized, approved, and in effect.