COLUMBUS, Ind. — The City of Columbus Common Council approved a first reading of a 30-year Payment-in-Lieu-of-Taxes (PILOT) agreement for the Fairington of Columbus senior residential property.
The property, located in Columbus, was constructed in 1978 and contains 136 residential units supported by HUD Section 8 housing assistance.
The Gene B. Glick Company will undertake a total property transformation valued at approximately $23 million. Planned upgrades include new kitchens, bathrooms, flooring, doors, updated exterior walkways, building mechanicals, elevator modernizations, and new community amenities such as a dog park and outdoor seating.
Under the negotiated agreement, the initial PILOT payment increased from $300 per unit to $500 per unit, raising the initial annual payment from $40,800 to $68,000. With a 3% annual escalation over 30 years, the agreement will contribute approximately $3.2 million directly into the Columbus Affordable Housing Fund.
The project leverages mortgage bonds, equity tax credits, and deferred developer fees. A Land Use Restriction Agreement (LURA) will enforce an affordable housing commitment on the property for at least 40 years.
Approval on first reading moves the proposal through proper legislative channels for final adoption. City officials noted the agreement preserves crucial local Section 8 vouchers while guaranteeing funding for citywide housing preservation.
City orders condemnation, demolition for neglected Sycamore Street residence
Columbus expands downtown social district boundaries to include Inn at Irwin Gardens
Ivy Tech Columbus hosts 'spooky' canned food drive for student food pantry
North Vernon man arrested after alleged breaking and entering
Greenwood Council approves new Fire Department pay matrix, expands Station 95 staffing
