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Silver Lake hears presentation on proposed apartments

“It’s exciting, it’s exciting,” Mayor Dorothy Butler said at the end of a presentation given by Joe and Rachel Yates, discussing proposed floor plans for an apartment complex they plan to build on Main Street in Silver Lake.
Although the city council didn’t take any formal action at its Jan. 22 meeting, Joe Yates asked for an extra four lots of city-owned property, but also made clear he didn’t want to pay for them — a common subsidy cities use to get new business to town.
The vacant lots are city-owned and currently don’t generate tax revenue for the city. The county assessor said the four lots current value is $21,100.
If the project goes forward, the Yateses’ would technically be required to pay a minimal fee for the lots — usually, when a city decides to award a subsidy, it’ll sell the lots for $1, like the Glencoe City Council did with the Panther Heights Apartment Complex. The City of Glencoe sold the lot to the developer for $1 through a tax increment financing (TIF) package. In Glencoe’s case, the city will be reimbursed for the cost of the lot through the TIF package.

(For the complete story, see the Jan. 30 print edition of The Chronicle.)