CLEAR LAKE — The Clear Lake City Council last night addressed two items of business as part of a proposal to redevelop city-owned property into an apartment complex.
The council in June entered into a letter of intent with the Echo Development Group to redevelop the city-owned property at 100 South 15th Street across from the city’s aquatic center into an apartment complex. The property currently has storage garages that had been used by the city, but the city earlier this year asked for requests for proposals for the redevelopment of the property, with the hopes of addressing a lack of affordable housing in the community.
Echo had the lone responsive bid, proposing to construct not less than an eight-unit, multi-family market rate rental apartment project that would likely be valued at $1.15 million. It’s estimated the property once fully developed could generate $30,000 per year in property taxes, compared to zero currently since the city owns the property.
The council last night without discussion approved the final reading of an ordinance designating an urban revitalization area which could help provide a partial abatement from property taxes for the developer. They also held the first reading of an ordinance changing the zoning of the property.
City Administrator Scott Flory reviewed the zoning change with the council at last night’s meeting, saying the city’s Planning and Zoning Commission last month had approved changing the zoning from “public” to “medium-density multi-family residential”.
The council unanimously approved the first reading of the zoning change and is scheduled to have the second reading at their August 20th meeting.