From the Kokomo Tribune:
The Kokomo Common Council passed resolutions Monday to establish property tax abatements for an apartment complex across Washington Street from Indiana University Kokomo and for the Kokomo-Center Schools International House program.
The proposed abatements for both projects are set for a public hearing prior to the Aug. 13 council meeting in City Hall.
Mecca Companies, South Bend, wants to construct dormitory-style housing on Washington Street, across from the IUK campus, for Iowa-based Villas of Kokomo LLC.
Kyle Bach said the plans for the two apartment buildings, along with a standalone clubhouse, on five lots in the Edgewater Heights subdivision have changed.
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Bach set construction could start in September. A five-year tax abatement will be requested for the project.
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A building on Superior Street, just south of the Kokomo City Building, received the second designation.
The building, 207 E. Superior St., is owned by East Sycamore LLC and is being leased to the Kokomo-Center Schools. There will be a request for a three-year tax abatement on the building.
Scott Pitcher said the building is being remodeled to the specifications of KCS Superintendent Jeff Hauswald to be used to house students in the International School program.
The school is leasing the building for seven years at $7,200 a month. If the city grants the abatements, it would only be $6,600 a month.
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http://kokomotribune.com/local/x1402340810/Council-moves-ahead-on-property-tax-abatements
