The Metropolitan Council of Nashville and Davidson County approved a resolution authorizing the Metropolitan Development and Housing Agency (MDHA) to enter into a 10-year Payments in Lieu of Ad Valorem Taxes (PILOT) Agreement for the Buena Vista Apartments. This project, located at 2122 Buena Vista Pike, will feature approximately 60 multi-family units restricted to individuals and families earning 60% or less of the Area Median Income (AMI), utilizing income averaging. The estimated project valuation upon completion is $9,820,783. Over the 10-year term, the PILOT agreement is expected to abate a total of $982,764 in property taxes, with the owner making an initial payment of $10,700 in the first tax year after completion, increasing by 3% annually. MDHA will acquire title to the property to facilitate the agreement, and the Metropolitan Planning Commission recommended approval. The development will consist of two 3-story apartment buildings on a 1.51-acre site.