Earlier this week members of the Huntingburg City Council on behalf of the city took into consideration a declaratory resolution for tax abatement for the planned development of the Wagon Works Apartments.
Previously this project has come before the council, but the project’s cost changed from an estimate $5.8 million to upwards of $8 million dollars.
With the change, the project’s tax credit partner became concerned over the previously established tax abatement cap. Before the council was the proposal to establish an economic development district, approve the tax abatement and remove the cap, and to set a public hearing to be held at the next Huntingburg council meeting Tuesday February 26th at 5:30 pm.
No substantive changes have been made to the project. Job creation from the development is estimated to have salaries averaging $54,000 annually.
Also estimated is for the city’s portion for the tax abatement to amount to $2,700 per year over 10 years for a total of $27,000.
Wagon Works Apartments is being developed by Paragus in partnership with TRI-CAP.
Also the Huntingburg City Council agreed to amend an ordinance recently passed accepting Stellar Way, which is in the Hunters Crossing subdivision, into the city’s inventory and eliminating parking on both sides of the street.
Residents have asked the city for parking to be available on the south side of the street which was ok’d by the common council.
Hunters Crossing’s homeowners association restricts parking on the street, allowing vehicles to be parked for a maximum of six hours a day; legally, a homeowner association’s contract for a subdivision can be more restrictive than a municipality’s rules.
A public hearing will be held at the council’s next meeting Tuesday February 26th prior to final approval of the amendment.