(BEDFORD) - Stonecutters Place, the apartment complex for seniors envisioned as part of Bedford's Stellar grant improvements, cleared another hurdle last week.
Mike Lewis of the Times Mail reports that the Bedford Redevelopment Commission recommended the project receive a 10-year property tax abatement.
The Bedford City Council, which will have the final say, will take up the issue Oct. 8.
Following the standard tax abatement format, the project will receive 100 percent abatement meaning it will pay no property taxes the first year, 90 percent the second, 80 percent the third and so forth, until the 10 years are up and the project is fully on the tax rolls.
Hoosier Uplands Economic Development Corp. will develop the project. It will be owned by a to-be-formed entity called Stonecutters Place LP.
The plans call for converting three properties at 16th and K streets into a housing complex containing 28 to 34 one- and two-bedroom apartments, as well as parking spaces. The properties include the former Elegant Lady building (which also had housed Carriage House Furniture), the Brock and Sears building directly to the east, and a property to the south along 17th and K streets.
To help finance the work, Hoosier Uplands plans to apply for a grant from the Indiana Housing and Community Development Authority. The application is to be submitted Nov. 1.
Mayor Shawna Girgis says the state has money set aside for such Stellar projects. Still, the local project will have to compete for the funds, because other Stellar communities, including some named in previous years, also will seek money for their housing projects.
Plans call for the:
-- Conversion of the former Elegant Lady and Brock and Sears building into apartments including an elevator and community space for senior citizens at the cost of $3,990,000;
-- Redevelopment of the vacant Goff Refrigeration lot into apartments and/or parking for senior citizens at the cost of $755,000;
-- Redevelopment of the former Mowery residence into apartments and/or parking for senior citizens at the costs of $436,000.
The total cost is $5,181,000. If the funding request is granted, Hoosier Uplands expects to start construction in the fall of 2014 and finish in the fall of 2015.
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