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By stan_sipple

Additional $4 million property tax abatement to renovate east side apartment complex will keep dream of reclaiming urban-core housing alive. KC Business Journal. the Planned Industrial Expansion Authority abated taxes on a proposed $4 million two-year renovation by the new owner of the Timber Creek Apartments, which the new owner SC California Property Holdings will rename Arrowead VillageThe 113-unit complex at 3218 Brighton Ave., southwest of Interstate 70 and Van Brundt Boulevard, has been vacant since 2002. The complex would rent through the U.S. Housing and Urban Development
Department's Section 8 Rental Voucher Program. Karen Curls, a PIEA board member, said she wanted to avoid "a
concentration of poverty" that had brought crime, drug and other social
problems to the apartments. "We're not trying to discourage development," Curls said. "We want to encourage social due diligence." Dan Cofran, a lawyer with Spencer Fane Britt & Browne LLP
representing SC, said the apartments' tenants will be mixed-rate.==Cofran and Milius also agreed to work with a PIEA oversight
committee and neighborhood groups. Milius said SC has similar projects
in Detroit and Montgomery, AlaThe PIEA figured its 25-year abatement's present value at $700,000. SC bought the property in November from Cedar Crest LLC.In 2005, the PIEA granted a 25-year abatement to the seller,
connected to the Johnson County Church of Christ in Shawnee and millionaire entrepreneur Ephren Taylor II, who had promised a sweeping reclamation of urban-core
housing throughout metropolitan Kansas City.

Full post as published by Showmeblawgs on February 06, 2008 (boomark / email).