“A win, win situation.”
Wyoming City manager John Shay says improvements at the Pinery Park low-income apartment complex on Newstead Avenue are good for the community.
“Not only just for the residents that live there but for the surrounding neighbors.”
To help finance a five and a half million-dollar Pinery Park renovation, the city is forgiving property taxes and will instead collect what’s called a Payment In Lieu Of Taxes. The arrangement will cost the county and school districts but save the owner hundreds of thousands and Wyoming Director of Economic Development Nicole Hofert says the city will get just as much or more.
“What does that mean for city finances? This is one of those rare occasions where city revenue continues to increase.”
And she says the renovations will improve the environment and safety for the disabled and low-income residents in the 105 apartments.
“90 percent of whom have incomes of less than 25 thousand dollars per year and 65 percent of those have incomes less than 15 thousand dollars a year.”
“I think it is in our community’s best interest that that is in the best physical condition possible. It can be done in a way where the tax revenues that come to the city itself will still increase over time.”
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