Commissioners Debate PILOT for Planned Standard Coosa Apartments
City council Tuesday night heard a request for a PILOT agreement from a St. Louis company that wants to convert the abandoned Standard Coosa Thatcher plant into housing.
Wednesday, county commissioners heard the company’s plans.
Long time Chattanooga residents will remember that the Standard- Coosa-Thatcher textile mill provided a lot of jobs until it finally closed in 2003.
The Highland Park plant is not on the tax roles now, but it belongs to both city and county.
MAYOR JIM COPPINGER HAMILTON COUNTY “There are as number of reasons that this, uh particular makes a lot of sense, and, uh, the short answer is its something I do support.”
Tim Boyle, president of City Property Company plans to spend 57.5-million dollars to create Standard Coosa Artists Lofts.
That’s 170 units of affordable housing in a 100-year-old building. Boyle expects it to attract artists as well as working families.
TIM BOYLE, PRES., CITY PROPERTY COMPANY ” This is a difficult area..and, uh, blighted…and when we make when we finish with this project artists will find it as a great haven for their, creative ah, pursuits.”
WARREN MACKEY, DISTRICT “Not only do I support it, but the neighborhood, Highland Park, support it. Right now, that blighted building–it suppresses the property values of that neighborhood.”
JOE GRAHAM, DISTRICT “I agree with the mayor, this is a blighted area and this is probably a good use of that area. But, we are setting a precedent..uh…nationwide..developers all over the country that apartment PILOTS are easy to get in our community. And, I’m concerned about that.”
The county will get school taxes if they approve the 18-year tax-free agreement.
WARREN MACKEY “It’s important to me, is that this project will have 60% affordable housing—60%.”
The commission is expected to vote on that next week.
If the Payment in Lieu of Taxes agreement is granted, rents in that complex would range from 615-dollars a month for a Loft, up to 730-dollars and 839 dollars for two and 3 bedroom units.