(Atlantic) A Kansas City Company wants to enter into a housing project with the city of Atlantic. John Lund, Atlantic Zoning Administrator says, Cohen-Esrey, owners of Sundance apartment’s has proposed to build 16 news homes at a cost of $160,000 per unit west of Sundance Apartments and on the Southwest side of Olive and 22nd Street.
“The homes will be 1600-1800 square feet and similar in design with a full brick design frontage with two car garages, and three bedrooms with construction to begin late 2012 or early 2013, and they will all be built at once,” stated Lund.
Lund says the houses will be rental units for the first 15-years and will require income requirements to rent. Lund says at the end of the 15-years, the home will be offered to the renters at an affordable non-comparable sale.
Lund said, “and after the fifteen years, those tenants will get to become homeowners.”
Lund says in the budget that was sent to the city, the agreement states that the homes will be kept in top condition and will comply with the Rose Program, which requires a quarterly maintenance inspection of the property.
“Cohen-Esrey will pay for yard maintainance, and will adjust the budget for garbage removal in case that does become an issue, but the homes will be maintained in top conditions for at least 15-years,” stated Lund.
Cohen-Esrey is requesting a 17-year partial tax abatement for those units. However, Lund says in checking with other city administrators none of them have ever heard of a 17-year tax abatement. Lund says the Atlantic City Finance committee is currently accessing their options and Lund cautions that this proposal puts the city in a difficult position so it is hard to predict what will happen.
January 18, 2012