Economic Development Director Carlos Sanchez explained that the city will not lose revenues in the change, as a PILOT for a related commercial project is expected to be modified in a council vote on April 10.
The revisions are related to changes in the state's HMFA Low Income Housing Tax Credits program, Sanchez said.. Earlier this year the plan changed to a minimum rate of 5 percent, he said. The city's initial arrangement called for a 6.28 percent rate for the first fifteen years of a 30-year PILOT, which will be revised to 4.9 percent. It will yield $240,000 less than before, but the revision to the commercial portion will make up the difference, he said.
The changes will make the application "a little more competitive to the state," Sanchez said.
The commercial part is complete. See details of the initial agreement in this January 2016 post.
See an image of the residential project and more details here. It is described as a $22 million project and the "largest transformative development in the Fourth Ward of the City of Plainfield in 40 years."