Company tells commission how much it will cost to improve Patten Towers
CHATTANOOGA (WDEF) – A capital investment company made a pitch for a PILOT agreement to renovate Patton Towers at the Hamilton County Commission meeting this morning.
John Sheppard of Elmington Capitol told the commission the project wouldn’t be financially feasible without a tax abatement agreement.
The company is based out of Nashville.
They employ about 12 people in Hamilton County, and have already worked on another low income property called Chestnut Flats.
It is a 30 million dollar property, with 199 units, and is under construction now.
Patton Towers is reserved for elderly and disabled, low income households, and has 221 rooms.
Sheppard told commissioners “There are a number of mechanical systems in the building that are very old. The elevators have some original pieces that date back to 1908 when the building was built. There’s a boiler, chiller, cooling tower, I mean all these mechanical systems are, are old and haven’t been thoroughly renovated in probably, in forty years.”
The PILOT is proposed to last for 25 years.
The county would still collect its portion of one hundred and eighty-one thousand dollars a year, paid to the city and the county, during the PILOT term.