- Two developers are asking the city for a 4% PILOT to convert the former Genesee Street School in to senior affordable housing.
- Council must approve the PILOT.
- Watch video above to see how people in the neighborhood feel about.
Nearly a decade living on Genesee Street and Alexiana Love said one thing has not changed - the condition of the former Genesee street school.
Borded up windows, outgrown weeds and graffiti are all contributions that Love said has made the building real eye sore that attracts the wrong crowd.
“All you see is people just going in and out, setting it on fire, people writing on it, spray painting it,” Love said.
But now the future of the building could bring a new purpose. On Monday, Representatives from Equity First Community development and Volker development presented a plan to city council to convert the former school into an affordable apartment for seniors, with 54 units.
“It could be anywhere between $400 and $1200 a month and for some of those voucher units, someone could come in and even have a 0 monthly payment,” said a representative with Volker.
The plan for the apartment also comes along with developers asking the city for a tax incentive.
“They're requesting a 45 year, 4 percent pilot,” said councilman Adam Hussain. “So what this means if this is approved, instead of paying the full tax rate, they would pay just 4 percent of what they make in revenue.”
Council has to approve the Pilot incentive, and if approved it would save the the developers around 6 million dollars over the 45 Years. We’re told council is expected to make a decision in September.
