A 64-unit income based apartment complex could come to Overton County.
The Industrial Development Board approved a lieu of taxes for the development for the full county commission to consider. Consultant Ray Evans said the developer is ready to build but needs final approval to start work.
“On social media and just around town, a lack of housing is something that I probably hear the most around this community,” Evans said. “I think we are fortunate to have someone like these folks step up and build a quality apartment complex.”
Evans said the units would be located on the corner of Rickman Road and Monterey Highway. Evans said the developer has owned the land for some time and plans to build an additional 64 units depending on community interest.
“These guys are ready to go,” Evans said. “They met with city utility folks last week. They made sure where the sewer and water lines are and how they are going to be tying in on all of that. They have already bought the property.”
Evans said the lieu of taxes was required by the developer since it is being funded through federal tax credits. Evans said those credits are taxed in year one, so the developer would not be able to afford the upfront cost.
Evans said he contacted other cities that have dealt with the developers and received high-praise. Evans said the apartments would have a clubhouse and swimming pool.