The Dardenne Prairie Board of Aldermen has approved a resolution supporting a developer’s efforts to build more affordable apartments through state and federal tax credits.
The board adopted the resolution at their Aug. 3 meeting, supporting an application by Gardener Capital Development in seeking the credits that could fund a second phase of construction of the Town Square apartment complex. The apartments are at 900 Tower Place.
Gardner is applying for state tax credits from the Missouri Housing Development Commission to pay for adding two new buildings, each with 24 units to the existing two buildings at the complex. The commission could make a decision in September.
The commission approved $6.19 million in state and federal tax credits in 2014 that allowed the development of the existing 48 units, which rent from $400-$550 a month.
The resolution states that the board expresses its support in support of Gardner’s efforts to build “affordable housing in our community” and urges the Missouri Housing Development Commission to consider the developer’s request for credits. No one spoke for or against the resolution at the meeting.
Mayor David Zucker said the second phase includes two buildings, each with 24 units. The total of 48 units will have 108 bedrooms. “All we did was stick to the original plan for the project, and went ahead and expressed our support,” Zucker said.
But Zucker said city officials have concerns. Gardner has indicated that they may come back to the city and ask that the number of bedrooms can be changed to 120 from 108 if they receive the tax credits. City officials are also worried about whether an increased number of tenants will pose law enforcement issues. Pedestrian traffic also has increased in an area along Stump Road which may need sidewalks, Zucker said.
Zucker said the developer doesn’t borrow money and pay interest to finance construction. The tax credits are often sold with the profit used for construction.