RS2026-2233: 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 0, 127, 131, and 135 Liberty Lane known as Five String Flats.

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 0, 127, 131, and 135 Liberty Lane known as Five String Flats.

Summary

Nashville’s Metropolitan Council would authorize MDHA to enter a PILOT agreement for Five String Flats, a planned 224-unit apartment community at 0, 127, 131, and 135 Liberty Lane. The project would serve households earning about 50%–70% of Area Median Income through federal low-income housing tax credits. For the first 10 tax years after completion, payments would begin at $33,600 annually and rise 3% each year, instead of regular property taxes; the agreement cites a $619,911 first-year tax difference. After year 10, full taxes resume. The PILOT depends on Council, MDHA, and state approvals and continued tax-credit compliance. MDHA would remit payments to the Metropolitan Government, supporting affordable-housing development while reducing near-term property-tax revenue.