By Kevin Boneske
Staff Writer
HOWARD – After meeting in closed session May 10, the Howard village board voted 7-2 to approve a Tax Incremental Financing (TIF) agreement with Alliance Management to construct 72 apartment units on three parcels within the Lancaster Creek Business Park along Security Boulevard, said Director of Administrative Services Chris Haltom.
He said trustees Craig McAllister and Cathy Hughes cast dissenting votes.
McAllister previously spoke out against the project, stating he opposed the residential development locating in a business park and receiving a TIF incentive in the process.
Village President Burt McIntyre, who supported the project, said the site of the apartment development wasn’t limited for use as a business park with the village-owned property having been for sale for a long time.
Haltom said the TIF agreement includes Alliance Management purchasing the property for $1 and receiving a refund of 91 percent of the property taxes paid annually, with the total refund amount limited to $1.629 million.
The project’s planned development district (PDD), which the board approved in March, includes three 16-unit and two 12-unit apartment buildings on a site in the village’s TIF District No. 8.
The PDD calls for the project to utilize a steep section of land not originally intended for development to provide the village an opportunity to increase the potential tax base over the original business park plan.
The apartments will include 36 two-bedroom and 36 one-bedroom units, with all of the units having private entrances and the two-bedroom units also having one-stall attached parking garages, while the remaining vehicles utilize the detached parking garages and off-street parking spots.
Last July, the board extended an option to purchase until June 30 for Alliance Management to come up with a plan for developing portions of three village-owned lots in the business park with apartments.
The company’s other apartment developments in Howard include the 84-unit Howard Lofts project next to the Village Center.
Alliance Management also manages and markets the Howard Commons apartment complex for the village.