SIDNEY – The City-wide Community Reinvestment Area (CRA) Housing Council approved a tax abatement for JBM Sidney, LLC, to build a new apartment complex at a meeting on Jan. 12.
The company requested a 100% tax abatement for the lot over 15 years for a total abatement of $9,604,613. The total new project investment will be $35 million and will create jobs for two full-time property managers, two full-time maintenance employees and over 100 temporary construction employees.
The currently vacant lot is located in between Vandemark Road and Folkerth Avenue and will be developed into an apartment complex with 216 units; 36 one-bedroom, 162 two-bedrooms, and 18 three-bedrooms, according to JBM representatives. The rent is estimated at $1,100 for one bedroom, $1,400 for two bedrooms, and $1,650 for three bedrooms, and the expected project completion date is in the fourth quarter of 2024. Site plans include a pool, community building, play area and dog park.
Echo Drive will also be extended this year to connect Vandemark Road and Folkerth Avenue; a project that has been in the making since 2009.
The next step is for the City Council to authorize the city manager to enter into a community reinvestment area agreement with the company.
The next CRA Housing Council meeting will be on Thursday, Jan. 19, at 11 a.m.
Reach the writer at 937-538-4824.