Charlotte
Charlotte, MI · Municipal
Lansing State Journal
Lansing City Council OKs tax deal for 440 apartments to boost housing
LANSING — A local local landlord, property developer and entrepreneur's work to make a name for himself in distressed real estate seems to be paying off. The Lansing City Council unanimously approved on Nov. 9 four 15-year workforce housing development incentives for Simtob Management Investment, about three years after the city settled a lawsuit with the company intended to bring the red-tagged Holmes Apartments complex into code compliance. The incentives are PILOTs, or payments in lieu of taxes agreements, which are often used by cities for certain housing developments. They are put in place as an alternative to a property owner paying traditional property taxes. The Lansing company will pay a total of about $205,000 for four apartment buildings in 2027 rather than their normal share of property taxes for Baltic Flatz, 916 W. Cavanaugh Road; Carolina Flatz, 4318 Pleasant Grove Road; Pacific Flatz, 1401 E. Kalamazoo St., and Ventnor Flatz, 1115 Dorchester Circle. In 2027, the four properties would have otherwise had a tax bill of about $713,000. City officials said the payment will increase every year and Simtob Management will have to submit annual audits to the city. If the company doesn't pay its bill, it will have
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