(Spirit Lake)– Major improvements are being proposed for what is currently a low-rent housing complex on the southeast side of Spirit Lake.
Mike Vasquez of Vasquez Development, which purchased Valley View Estates back in December, was at Tuesday’s city council meeting requesting the city adopt a residential tax abatement program. Vasquez says it would help fund some vast improvements he’s planning for Valley View.
Vasquez says they were successful in getting additional assistance approved to help Valley View residents relocate. As of February 28th, a HUD program that allowed Valley View to operate as a low-rent housing provider runs out and will not be renewed. Vasquez says they were successful in getting additional low-rent certificates authorized through HUD that will help those currently living at Valley View find new places to live.
Vasquez says the proposed improvements include converting the 42 Valley View units into condominiums, along with the construction of a swimming pool. The project would have a total cost of 4.2 million dollars. Upon completion, Vasquez says it should more than double the current valuation of the property. Construction has already started.
Vasquez says they’re requesting only a tax abatement on the funds they add to the property. He says the current assessment would continue, so there would be no loss of tax base to the city during the abatement period.
The council referred the issue to the city’s Betterment Committee for a recommendation.
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