Sandusky approves tax break, grant for Rieger developers

Sandusky city commissioners have authorized a tax break and grant funding for the Rieger Hotel developers in the hopes the long-empty building will join downtown's resurgence.
Andy Ouriel
Dec 4, 2012

In early 2012, the non-profit, Columbus-based housing developer Buckeye Community Hope Foundation secured $8 million in state funds to renovate the hotel on Jackson and West Market streets.

Developers want to sculpt the property into a 37-unit apartment complex for senior living. To help streamline the process and assist the foundation in debuting the apartments in November 2013, city officials made available $150,000 to help offset purchasing costs. 

For more on the deal and on a tax abatement approved by the city for the project developers, pick up a copy of Tuesday's Register.

Tentatively, available space and rent for the 37-apartment Rieger complex will be:
• $389 per month for a large studio apartment, four in total;
• $499 per month for one-bedroom apartments, 16 in total, from 650 square feet up to 751 square feet;
• $599 per month for two-bedroom apartments, 17 in total, from 850 square feet up to 1,000 square feet.
Plans also call for commercial enterprises, such as a restaurant or office space, to occupy the building's first floor.
Source: Buckeye Community Hope Foundation

By the numbers: Revamping the Rieger
In early 2012, Columbus-based non-profit Buckeye Community Hope Foundation acquired $8 million to transform the Rieger into apartments intended for senior citizens.
Here's a breakdown of what they'll do with the money:
• $5.3 million: Improvements to existing building;
• $375,000: Acquisition of building;
• $50,000: Furniture and fixtures
• $2.3 million: Other costs for administrative purposes.
Source: city of Sandusky
 

Comments

TattooDiva

Does anyone else find it rather odd that they are putting "Senior Living" right downtown in the middle of the "Entertainment District"?? I understand the whole tax break thing, but don't you think that maybe an upscale Hotel or something of the sorts might do a little bit better for taxes????

wiredmama222

This building was going to be many things over the years and has yet become any of them.

Are we finally going to see it become something? What amazes me is that there are already so many apartments, condos and other forms of living spaces in the downtown area where people can live and they go unoccupied. This one is going to be for over 55 and be for those who have smaller incomes. I wonder how that will work with the amount of money they are investing in the refurbishing costs and purchase costs.

You cannot expect everything to come from grants and assistance programs. What criteria will they expect from their renters besides the cost of the rent? Just wondering if they will have to give up something to live there such as insurance policies, IRA's , etc, to move in? Since these people are supposedly NFP individuals, what type of "restitution" do they expect? Their rent if fairly low and at that rate with so few apartments, do the math. It doesn't add up.

Makes me wonder.

Centauri

@ Wiredmama, More money for the powers that be.

pavedparadise

BCHF:::
Treasurer; $96,000/yr,

Pres; Steven Boone, $229,000/yr,

VP of Development; R. Lowenstein, $250,000/yr/other

Vp Construction; C. Drown, $149,000/yr/other

Assis. Dir. of School Services; P. Young, $123,000/yr/other

Youthbuild Direct.; P. G. Barno, $110,000/yr

Architect; J. Haytas, $112,000/yr

Required reporting to IRS:: individuals making $100,000 or more per year.

Contango

@ pavedparadise:

Thanks.

Salary can sometimes be less than half the compensation equation; perqs and bennies are the other.

kURTje

Only the little people pay taxes/Leona Helmsly.

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