Resolution 2025-22

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 Henderson Court PILOT will result in the rehabilitation of 150 affordable apartment units in an affordable housing community. The PILOT will serve families whose household income is 60% or below the area median income.