ANDERSON — The Bingham Square Apartments have been added to Anderson’s Consolidated TIF District.
With no stated opposition and little discussion on Tuesday, the Anderson Redevelopment Commission gave final approval to adding the apartment complex that is undergoing renovation to the tax increment financing district.
Previous approval had been given by the city’s Plan Commission and City Council.
In August, the Anderson City Council approved a $935,000 bond to complete the renovation of the former Courtyard Apartments, 2725 W. 16th St.
The city is not obligated for the repayment of the bond issue, which is being funded by the increased assessed valuation of the Bingham Square Apartments.
Ron Plichta of Property Resources Associates said over 60% of the 129 apartment units are currently rented and work continues on completing the renovations.
“There is a waiting line,” he said. “Our original timeline was to be completed in December, but that has been pushed back to February or March.”
The company purchased the apartments last September. The original cost to renovate the 129 units and to purchase the property was $816,000, he said.
However, there was a lot of hidden damage when they took ownership, Plichta said, and the cost has increased to an estimated $1.9 million.
The company is installing new furnaces and air conditioning units and is repairing the sewer lines, which increased the cost of the remolding.
Property Resources Associates has resurfaced the parking lots, improved all the entrances and hallways, and is replacing all the windows and repainting the exterior.
The tenants will have the option of paying rent with or without utilities included.