Brian Neben Lexington Clipper-Herald
LEXINGTON — The Lexington Community Development Agency considered approval for a housing redevelopment project behind Bob’s True Value at its meeting on Monday, July 18.
The proposal was submitted by R. Perry Construction, Inc., which plans to build an apartment complex consisting of three 30-unit buildings on the six-acre property west of Bob’s True Value and north of Prospect Road .
There would be a total of 90 units, a pavilion and swimming pool facilities built in this first phase of the project, according to the redevelopment plan. Some of the units will include one, two or three bedroom apartments, City Manager Joe Pepplitsch said.
The plan shows that the area is accessed by extensions from Plum Creek Parkway to the east and Adams Street to the west.
Pepplitsch said Perry Construction has planned future phases for the area if the units are purchased. He noted that the company was active in the Sioux City and Wakefield areas, building housing for the workforce.
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“The community is in dire need of housing,” Pepplitsch told CDA members.
The total cost of the first phase of the project is $14,013,373.00 and Perry Construction is requesting $2,901,000.00 in tax increment financing (TIF) from the city.
“The project would not proceed without the use of TIF due to the costs of public infrastructure, utility construction and detention, site grading, earthworks, rising utility costs. materials and rising interest rates, among others,” the redevelopment plan says. .
Regarding the impacts of the project, Pepplitsch said that due to the need for housing, it will not necessarily increase the population of the community, but will provide different housing options for people already living in the area.
Pepplitsch said of the housing need, “the demand doesn’t seem to be slowing down.”
For this project to be officially approved, it must go through several stages. It first goes to the planning commission for its recommendation, which is then sent to the city council for consideration. It will then come back to the CDA who will create a formal resolution.
The city council will then hold a public hearing and if approved, it comes back to the CDA one last time, so that they can issue the TIF note and other necessary documents.
The approximate timeline for the project is to have foundations in the ground in the fall, possibly starting in September.
The CDA approved the resolution regarding the redevelopment plan.
During the roundtable, Pepplitsch said the CDA will meet twice in August to help the process along the housing redevelopment plan. There will also be considerations for redevelopment area six and senior housing.