The Ottawa City Commission voted unanimously on May 13 to start the process for taxable industrial revenue bonds to help renovate Sunflower Plaza Tower, the 60-unit apartment building at 701 S. Poplar Street. Commissioner Mike Skidmore was absent. The building offers affordable housing for older and low-income residents. KOFO reported this is its first renovation since 1978.
Ottawa Sunflower, LLC applied in January. The bonds bring a sales tax exemption on construction costs up to $8,000,000, plus a property tax abatement offset by a yearly payment in lieu of taxes. The work, budgeted at $10,677,000, includes new windows, paint and sidewalk repairs.
Finance Director Melanie Landis said the city and county together would forgo about $70,000 in sales tax, and that the bonds would not affect the city's debt or credit. The city would not have to repay them.
For details, see KOFO's report on the vote and the May 13 commission minutes.