Resolution 2025-21

The Indiana Code provides the opportunity for municipalities and owner/developers to partner in the development of affordable housing through a Payment in Lieu of Taxes (PILOT) agreement (IC 36-1-8-14.3). This agreement ensures that the city receives some taxes from the property owner on real property subject to a tax exemption under state law. The Indiana Code requires the developer to agree to the terms of the PILOT, including the amounts and timing of the payments to the city. The Common Council must approve the PILOT by passing an Ordinance. If approved, the Cambridge Square PILOT will result in the rehabilitation of a 153-unit community of flats designed for residents 62 + or differently ab led whose incomes are 60% or below the area median income.