Frederick County Council approves PILOT agreement with a developer.
Frederick, Md (KM) An affordable houising project is coming to Brunswick. During a meeting on Tuesday, the Frederick County Council approved a payment in lieu of taxes agreement between the County and the Residences at Railroad Square, a North Carolina limited liability Company.
The resolution will allow the developer to pay an amount on the parcel which is lower than Frederick County’s property tax on the land. Under the PILOT, the amount the developer will pay in lieu of taxes is $16,243.
Railroad Square, located at 9 South Maple Street, will consist of 45 rental units. For a one bedroom unit, the developer will charge a rent of $695 per month. Two-bedroom apartments will go for $850 per month. And three bedroom units will rent for $1250 each month. The project will consist of three, one-bedroom units; 28, two-bedroom apartments; and 14, three-bedroom apartments.
The developer hopes to begin work on the project in April.
By Kevin McManus