SIDNEY — A second housing development received approval from the city-wide Community Reinvestment Area (CRA) Housing Council during its meeting Thursday morning.
Members of the council approved a CRA tax abatement requested by Vision Development Inc. The firm requested a 100% 15-year abatement on the construction of a multi-family housing complex to be located southeast of the Kuther Road and Howard Street intersection. Once completed, the complex will have 320 new class-A housing units. Phase one of the project has an estimated 250 units, with the possibility of phase 2 to bring the number of units up to 320.
The project will create two full-time leasing agents and three full-time maintenance techs. The anticipated annual payroll for the five positions will be $250,000.
The proposed investment in the project includes the acquisition of property, $1,041,750, and addition/new construction, $45,000,000, for a total project investment of $46,041,750.
The estimated tax abatement calculations are based on actual investments. The valuation may be more or less than the amount.
The real property improvements of additions/constructions is $45,000. The real property tax per year — at an assessed value at 35% — is $15,750. The effective millage is 53.667980 for a real property tax of $823,253.
The company requested a 100% abatement for a 15-year period for a total abatement of $12,348,788.
The project is expected to begin in November 2023 and completed by November 2025. During construction, there will be 55 employees on site everyday for the 18-24 month construction process.
The apartments will rent for approximately $1,000 to $1,800 per month. The majority of the units will be one and two bedrooms with some three bedrooms.
The complex will include a clubhouse, pool, fitness center, volleyball court, dog park and more.
On Jan. 12, the CRA Council approved a 100% tax abatement for 15 years for JBM Sidney, LCC, which is building a new apartment complex on a vacant lot between Vandermark Road and Folkerth Avenue. The complex will include 216 units and plans include a pool, community building, play area and dog park.
Both CRA agreements will go to Sidney City Council for them to authorize the city manager to enter into a CRA with the companies. Both agreements have been approved by Sidney City Schools Board of Education.