Following are the supporting documents that were given to us (and shown in the meeting).
Ice House Development/ Project Fact Sheet
· The old Waldo Antiques/Ice House building is in terrible condition due to years and years of neglect by the previous owner. So, we are constructing a new building.
· The new mixed-use building will have 44 apartments and aground floor medical professional space.
· Our goal is to provide both commercial space and “Missing Middle” type of housing in Waldo – an alternative for people who would like to live in Waldo but don’t need/want a single-family home
· The apartment residents will be new patrons and customers of the existing Waldo businesses.
· This property is located near major transit stop at 75th and Wornall to provide multiple transportation options for residents
· There will be code compliant parking: 35 surface parking spaces.
· This type of use and building size in within the Waldo Area Plan and is a comparable height to the neighboring building and billboard to the west
· High quality design from local architect
· Rents begin at under $1,000 for a studio, $1,200 for a 1BR apartment and $1,600 for a 2BR apartment
· Building will not have excessive amenities – no onsite gym, no swimming pool, no club/party room – to keep rents reasonable and because Waldo has so many amenities that we want to promote.
· We are not requesting any Tax Increment Financing (TIF) or Community Improvement District (CID) financing nor any other kind of direct government subsidy
· Due to the high cost of construction and because we are keeping the rental rates as low as we can, we are requesting a partial tax abatement for the first 10 years in accordance with “Lucas Ordinance” cap of 75% of increase in property taxes
· Starting Year 1, property taxes paid will increase $15,000 over current property taxes, providing revenue for city services and schools