The Culver Economic Development Commission met for the first time Monday night with Jonathan Leist voted as the president, Don Fox as vice president and Kevin Overmyer as secretary.
With the organization of the commission complete, Marshall County Economic Development Corporation Executive Director Jerry Chavez explained the purpose of residential tax abatement. If a developer is seeking residential tax abatement, a resolution must be approved by the Culver Economic Development Commission creating the site as an economic revitalization target area. It differs slightly from a commercial tax abatement.
Chavez also explained the history of the Culver Task Force in identifying the need and location for a potential housing development. Kevin Berger is the developer of the project and the $1.1 million facility will be constructed with funds from the Culver Town Council, Culver Redevelopment Commission, Regional Cities grant funds and in-kind donations.
The resolution before the commission supports the Sand Hill Farms, LLC proposal of a 24-unit residential workforce housing unit located in the 500 block of W. Jefferson Street on 13.66 acres. The Culver Redevelopment Commission agreed to support a tax abatement and Indiana Code allows the Culver Economic Development Commission to favorably recommend that the residential development as an economic target area to the town council. The town council has the final approval on an economic target area and that could be before the members on Wednesday night.
Chavez said the abatement would be 100 percent for 10 years on the real property. The policy that installed that schedule may be reviewed.
A public hearing was held concerning the resolution and Culver Town Councilman Joel Samuelson had a question on how the tax abatement works while Culver Redevelopment Commission President Rich West discussed the terms of the abatement. No other public comment was received.
With that, the three members of the commission unanimously approved the resolution that designates the Sand Hill Farms project an Economic Development Target Area and it otherwise previously lacked development or growth. It will now go before the Culver Town Council as a recommendation for approval.