News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
A 64-unit income based apartment complex in Overton County moving forward.
The Overton County Industrial Development Authority approved an in lieu of taxes for the development Thursday. Chair Greg McDonald said construction can move forward once attorneys and the developer sign the contract.
“We’ve had a great need for quite some time for housing and apartment types,” McDonald said. “We have apartments here, but obviously, we haven’t had apartments built here in quite a while. These will be modern with modern facilities.”
McDonald said the developer will not be charged local taxes for 10 years amounting to a $480,000 relief. McDonald said the units will be built on a 17-acre tract near the corner of Rickman Road and Monterey Highway.
“It will be just on the edge of the county and the city, but it will actually be in the county,” McDonald said. “It’s going to have a clubhouse. It’s going to have a swimming pool. Each unit will be approximately about 1,100 to 1,200 square feet.”
McDonald said tax breaks are commonly used by small cities to recruit potential businesses.
