COLUMBUS, Ind. - The Columbus City Council gave final approval to a "Payment in Lieu of Taxes" (PILOT) agreement with the Gene B. Glick Company to facilitate the comprehensive redevelopment of the Fairington of Columbus senior housing complex.
Built in 1978, the 136-unit property that serves low-income seniors and individuals with disabilities will undergo a $23.7 million project.
Planned renovations include $7 million in physical construction, covering elevator modernization, interior upgrades, and ADA accessibility enhancements. Under the agreement, the developer will contribute $68,000 annually to the Columbus Affordable Housing Fund, totaling over $3.2 million across 30 years for local housing initiatives.
In exchange for the PILOT structure, the developer has committed to extending the property's affordability restriction covenant from 30 years to a 40-year term, ensuring long-term housing security for residents.
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