Several things need to come together in order for it to work, including a possible annexation, an arbitrated and approved tax abatement with incentives, and major construction.
But if it all coalesces, officials are eyeing the creation of 38 modern residential affordable-housing units along East Noel Drive in Cadiz — one-, two- and three-bedroom homes known as “The Lofts,” that would be managed through income-based rent on one property under government housing authority.
During Tuesday night’s Cadiz City Council meeting, much came to light courtesy of a lengthy presentation from Ty Ellegood and Landon Barrow of Melior Development in Murray, and Bill Hollingsworth of Equal Development, LLC & Equal Construction, LLC, in Carmel, Indiana.
First and foremost, the biggest question ahead — at least, according to City Attorney Allen Wilson — is the land’s designation. Naturally, prospective companies can’t file for city abatement if the property in question doesn’t lie within the city limits.
This plat lies between the Pennyrile Electric pole yard and a well-developed sub-division that, admittedly, hasn’t been notified of this possible project. Wilson noted a surveyor needs to determine if the land is either contiguous or adjacent to Pennyrile Electric.
Contiguous property, he confirmed, doesn’t require annexation. Adjacency, however, does, and Hollingsworth, Ellegood and Barrow are seeking a 15-year renewable, and possibly negotiable, property tax abatement to better align with financing options and federal grant underwriting.
Mayor Todd King expressed his sincere interest in the project, but his concern for a 15-year agreement.
According to Ellegood, the development would have a number of amenities available to its tenants living in 650-, 850- or 1,050-square-foot units, including a retention pond, a privacy fence along the back of the grounds, a resident-and-guest-only playground and mini-sports court, as well as a community center for offices, birthdays, retirement parties and other public gatherings.
Answering Councilman Craig Stallons, Hollingsworth and Ellegood confirmed the unit leases would be year-to-year, and are based on 60% value of the nation’s average median income.
Meanwhile, Barrow and Hollingsworth said there was “plenty to like” about Cadiz and its need for this type of housing — housing similar to the Emma’s Rose Senior Apartments, which reportedly has a waiting list.
The duo reaffirmed that development was assisted through federal tax credit programs, just like this would be if approved at all levels.
Hollingsworth added that, if built, the properties would be considered “workforce housing” and “family” or “retirement” oriented, and not affiliated with Section 8. Tenants would be pre-vetted for felonies and other criminal concerns, and rent would likely start between $700 and $875 a month, depending on the unit, with annual fluctuations based on national income metrics and federal guidelines — not on property-owner discretion.
Also, if built, the trio noted the designs would come from REB Architects in Lexington.
No action was taken during Tuesday’s meeting, but acceleration toward a decision could come before the end of August.
FULL DISCUSSION:
