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2021-02-02 P & Z Packet
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2021-02-02 P & Z Packet
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5 <br /> <br />Benefits to the City and Downtown Revitalization <br />There are significant benefits from selecting a higher density and higher tax value apartment project. <br />These benefits include the added tax revenue as well as increases in housing choices. The added tax <br />revenue created by an apartment building would help the downtown revitalization efforts in several <br />ways. It will improve a blighted vacant lot so that it is producing revenue for the City in the form of <br />property tax as well as sales tax from new residents. <br /> <br />An apartment building will contribute significantly more tax revenue compared to a single-family home <br />or townhome development. It is likely that the proposed apartment project would provide approximately <br />$59,249 annually to the City of Centerville in tax revenue, whereas one single family or townhome unit <br />would provide around $1,588 annually in property tax revenue. The table below depicts the amount of <br />potential tax revenue created by the proposed apartment project vs. a townhome or single-family home <br />development. Additionally, it identifies that it would take approximately 37 single-family homes or <br />townhomes to generate the same amount of City tax revenue as the proposed market rate apartment <br />project. <br /> <br />Townhome/Single <br /> <br />Market Rate Apartments <br /> <br />Family Units < $500,000 <br />Estimated Market Value $ 8,950,000.00 $300,000 <br />Property Tax Class Rate 1.25% 1.00% <br />Net Tax Capacity $ 11,875.00 $ 3,000.00 <br />Centerville Tax Rate 52.960% 52.960% <br />City Tax $ 59,249.000 $1588.8 <br />Townhome/Single Family Units Needed to Generate as <br />37 <br />Much Tax Revenue as this Proposed Multifamily Project <br /> <br />Additionally, a higher density apartment project would likely provide more sales tax revenue as the <br />residents shop at local retail. With the proposed unit mix the project would likely have around 80 <br />residents, give-or-take. This is a significantly greater number of residents than a single family or <br />townhome development could provide at this site. When considering downtown revitalization efforts, <br />which hopes to attract a broader assortment of retail, it is critical to understand that greater population <br />is going to help efforts to attract more and better retail operators. <br /> <br />Goals of the Development Team <br />If this project were selected for the redevelopment , the development <br />team would be encouraged to work with the City of Centerville to further its downtown redevelopment <br />efforts. The Ebert team has deep connections in the retail market and would work to identify <br />opportunities to bring retailers to the downtown area in future phases. Although we feel this project <br />should be a stand-alone apartment building, our team sees other redevelopment opportunities in the <br />surrounding area where we would partner with the City in the future. <br /> <br /> <br /> <br />www.ebertconst.com <br /> <br />
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