Archive for Thursday, February 27, 2003

Developers to seek tax credit for proposed apartments

February 27, 2003

Developers of a proposed apartment complex in west Eudora are seeking tax credits from the state.
Don Cooper, vice president of Commercial Group, asked the Eudora City Council to support its tax credit application to the Kansas Department of Housing for a new apartment project that will capitalize on the success of the company's Pinecrest senior housing ventures.
Developers use tax credits to raise capital by selling them to institutional buyers, who in turn use the tax credits to offset taxable profits.
The Council agreed to support the company's efforts knowing members would have a chance to approve or deny rezoning requests and plans that will first go before the city's Planning Commission.
The land is currently zoned multi-family but with the designation as senior citizen housing. Cooper said preliminary plans were to make the 30-some units similar to Pinecrest developments but open to the general renter rather than just those 55 and older.
"We have provided housing for Eudora seniors in the past," he said. "We see this as an opportunity for seniors and everybody else."
With the opening of Pinecrest III, Cooper said Commercial Group learned how much seniors desired roomier apartments, because many Pinecrest I and II residents moved into the third development's two-bedroom units. Cooper said he hoped to market the new development's two-bedroom units to seniors with the three-bedroom units marketed to other individuals. That could mean starting a waiting list for seniors wanting to apply for two-bedroom apartments.
Council member Rex Burkhardt wondered how seniors would feel about having their neighborhood opened up to younger residents. In addition to listening to public comment at Planning Commission meetings, Cooper said he planned to meet with residents at the Pinecrest club rooms to find out what they thought.
Although residents will pay their rent in full, Cooper said many of the units would have income limitations for the renters with a few units on the open market. Because plans were preliminary at this stage, Cooper said he wasn't sure how many stories the units would be or exactly how they might be arranged on the property.
Cooper estimated the units could add 18 students to the school district and $10,000 worth of property taxes into city, county and state coffers.

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