Chattanooga HEB discusses PILOT agreements with City Council
Chattanooga, TN (WDEF) – The Health, Educational and Housing Facility Board (HEB) for the City of Chattanooga met Thursday.
The HEB works as a conduit to help health or educational facilities get tax-free bonds.
But Thursday’s focus was on HEB Pilot Projects.
Hicks Armor serves as the Board Chair for the HEB. He said, "Entities can go in and receive an abatement on taxes for a period of time. What happens is they freeze the taxes at the current level, people go in and make the improvements, and then usually at like 10 years, that comes back on the tax rolls at an incremental value to get it to full tax rate."
The HEB also approved refinancing some UTC dorms on Thursday.
The HEB works as a conduit to help health or educational facilities get tax-free bonds.
But Thursday’s focus was on HEB Pilot Projects.
Hicks Armor serves as the Board Chair for the HEB. He said, "Entities can go in and receive an abatement on taxes for a period of time. What happens is they freeze the taxes at the current level, people go in and make the improvements, and then usually at like 10 years, that comes back on the tax rolls at an incremental value to get it to full tax rate."
The HEB also approved refinancing some UTC dorms on Thursday.
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