The Evansville Redevelopment Commission is looking at a 20-year property tax deal to expand low income housing in the community.
Jonathan Anderson, president of Anderson Partners Development, proposed a $13 million project to construct 65 housing units in the old downtown YMCA building Tuesday morning. The agreement would last from 2019 to 2037 with the city paying property taxes back to AP Development.
Located on 203 N.W. Fifth Street, there would be twenty single bedroom units and forty-five two bedroom units in the building. The single bedroom units are proposed to cost between $230 and $600 per month, with the two bedroom units ranging from $260 to $690. Each tenant’s monthly rent payment would be
determined according to his or her income.
Unlike some older historic preservation properties downtown, the YMCA building was built in 1913 and is still in good condition.
“For those of you who have been in it over the years, the building is in fantastic condition. Just got conditions report back today. The YMCA has been a very good steward of that building over the years; whether they were using it full time or as of now using it only part of the time. We are going to be funding the project with the combination of low income housing tax credits and federal historic tax credit,” said Anderson.
Department of Metropolitan Development Director, Kelley Coures, said the city of Evansville has a 3,000-unit deficit in low income housing. This project would help combat that deficit while also increasing the number of residents living downtown.
“It’s very important for us to have a strong and vibrant core. And another goal within the Regional Cities Initiative is to attract 2500 additional residents living in the downtown area by 2025, but this can only happen with projects like the downtown YMCA redevelopment project,” said Audrie Burkett, the Executive Assistant of the Economic Development Coalition of Southwest Indiana.
The YMCA is a non-profit and the building is not being rented, so the city does not currently receive property taxes on it.
The proposal was tabled, and the city attorney’s office said it plans to work with Anderson to finalize an agreement.
Some things that will need to be considered include parking for the tenants and the layout of the units in the building.
If the project is approved, it’s expected to be completed in 2019.
