ANDERSON — The planned renovation of the Lincolnshire Apartments cleared another hurdle procuring support from the Anderson Economic Development Commission.
The Economic Development Commission voted Thursday to approve $770,000 in tax increment financing revenues for the project.
Last week the Anderson Redevelopment Commission approved the funding to renovate the apartments at 330 W. 12th St.
The Anderson City Council will consider the request on March 11.
Greg Winkler, executive director of the Anderson Economic Development Department, said the city will issue a tax increment financing bond.
Lincolnshire Apartments will be paying property taxes, he said.
City Controller Doug Whitham said the bonds will be placed using a local bank and they will be paid off quickly. He said the interest rate will be in the 1% range.
The Anderson Housing Authority, through its not-for-profit Anderson Housing LLC, is working with Garrison Frazier to invest $2.6 million in the project.
Stephen Scott of Garrison Frazier said the rehabilitation of the historic building should be completed in early 2022.
Plans call for converting the existing four-story building into 21 one-bedroom and seven studio apartments.
Scott said the building is being purchased for $460,000 and the request for $770,000 is needed to cover the rehabilitation of the apartments.
“The cost to rehab the building would be prohibitive without assistance from the community,” he said.
Kim Townsend, director of the Anderson Housing Authority, cited a shortage of one-bedroom apartments in Anderson and said there is a waiting list for the units.
“We have been meeting with the stakeholders in the neighborhood,” she said after complaints about parking and potential crime were raised at the Redevelopment Commission meeting.
“We need some assistance to meet the shortfall,” Townsend said. “We believe this will promote development in the area.”
Kevin Sulc, chairman of Anderson Housing LLC, said the Lincolnshire Apartments is the first short-term project for an overall housing plan in Anderson.
“We’re looking at various parts of the city,” he said. “We do need mixed-use housing to include in-fill housing in the downtown area.”
Local resident Stephanie Cochran encouraged the Housing Authority to help first-time homeowners with down payments on a house.
Scott said the project will be profitable over the long term.
“The building is operationally obsolete,” Scott said.
Plans call for a new roof, electrical system, heating and air conditioning system and plumbing upgrades.
“It’s a shell that needs to be gutted and reconfigured,” Scott said.
The proposal is to rent the units at the current market rate in Anderson with some public housing vouchers accepted.