(BEDFORD) - The Bedford City Council approved a 10-year tax abatement for the Stonecutters Place, a senior housing project.
Mike Lewis of the Times Mail reports that the work will transform the old Carriage House Furniture building at 16th and K streets, the Brock and Sears building next door and two adjacent properties into 30 apartments for people age 62 and older, as well as 37 parking spaces.
The rent payments would be based on a person's income and range from about $220 per month to $550 per month.
Carla Naum of Milestone Ventures represented Hoosier Uplands Development Corp., which will develop the apartment project says plans call for renovating the old Carriage House building but razing most of the Brock and Sears building, leaving just the facade because the building it not structurally sound.
Naum says the tax abatement is critical for Stonecutters for two reasons. First, she said, the tax break will make the development economically viable. Second, such a show of support by the city boosts the projects score as it competes for state grants.
The council voted to approve the tax abatement.
Under state law, Hoosier Uplands will pay 15 percent of the tax savings to local economic development groups. In this case, council members agreed to split that money 50-50 between the Lawrence County Economic Growth Council and the Bedford Redevelopment Commission.
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