Follow-up on the Horizon Pilot

The Daily News reported yesterday that the Center City Revenue Finance Corp. approved payment-in-lieu-of-taxes benefits for The Horizon, a high-rise building under construction at 717 Riverside Drive. It approved a 10-year PILOT tax abatement for the first phase of The Horizon, which is being developed by Riverside Bluffs LLC.

The CCRFC bent it's typical policies by: 1) allowing a project already under construction to get a tax freeze, whereas normally projects have to get approved before construction begins; and 2) waiving the usual requirement that 20% of the project be affordable housing units.

The Commercial Appeal stated earlier that this PILOT would be worth $10 Million to the developers.