By: Brenna White
THE VILLAGE REPORTER
publisher@thevillagereporter.com
The Community Reinvestment Area (CRA) Board met on the morning of May 29th, at 7:30 a.m. to consider a new tax abatement request from the Williams County Port Authority.
The board reviewed and ultimately approved the application, which pertains to the development of a new residential duplex located at 303/307 Sacher Street, Edgerton.
The approved tax abatement will cover 100% of the construction costs, valued at $163,475, for a period of five years.
The Port Authority intends to build the duplex for sale, with flexibility in its future use. The structure may serve as partially owner-occupied property with one rental unit, or function as a fully rental-based property.
Estimated monthly rents are projected at $900, plus utilities, and it was noted during the meeting that tenants would need an approximate annual income of $55,000 to comfortably afford the rent.
This is not the Port Authority’s first residential endeavor in the area. The agency has successfully completed three previous property developments in Edgerton, adding credibility to its current proposal.
Interest in the Sacher Street duplex has already begun to surface, and the board was informed that the property will be listed for sale in the near future.