RS2026-2232: A resolution authorizing the Metropolitan Development and Housing Agency to negotiate and enter into a PILOT Agreement and accept payments in lieu of ad valorem taxes with respect to a multi-family housing project located at 2500 Buena Vista Pike known as Encore on Buena Vista.

Description

A resolution authorizing the Metropolitan Development and Housing Agency to negotiate and enter into a PILOT Agreement and accept payments in lieu of ad valorem taxes with respect to a multi-family housing project located at 2500 Buena Vista Pike known as Encore on Buena Vista.

Summary

Nashville’s proposed resolution authorizes MDHA to enter a PILOT agreement for Encore on Buena Vista, a 244-unit apartment project at 2500 Buena Vista Pike. The development would serve households earning up to 60% of area median income through the federal low-income housing tax-credit program. For 10 tax years after completion, the owner would make fixed annual payments beginning at $36,600, increasing 3% annually, instead of regular property taxes; full taxes would resume afterward or if affordability requirements are violated. The agreement’s estimated first-year tax difference is $639,175, within Nashville’s $5 million annual PILOT cap. MDHA would remit payments to the Metropolitan Government, while annual compliance reporting and fees would apply. Planning staff found the project consistent with Nashville’s adopted plans.