WICHITA FALLS, TX (KAUZ) - In an update on a story Newschannel 6 has been following for you since the beginning of May, the city of Wichita Falls is moving forward with a big improvement project.
Monday, councilors passed three resolutions to grant tax incentives to an outside group to redevelop the Highpoint I, Highpoint II, and Country Park apartments on Professional Drive.
The items were tabled at the last three meetings because council members were concerned about the initial proposal.
In it, the city would not have received property tax for 99 years.
Now the two sides have agreed to reduce the lease to 40 years and the city will receive payments to make up for no property tax.
"We thought it was a good project," Mayor, Stephen Santellana said. "Millions of dollars being spent here in Wichita Falls, buying our materials, using our workers. And then taking apartment complexes that are just going to further deteriorate, and giving it not just an outside facade, but actually doing the interior also. It's going to be an asset for our community and we wanted to get it done."
The three projects will cost an estimated $43 million and include interior and exterior improvements. This project is being paid for by Millenia, a corporation that is spearheading the project.
Mayor Santellana said the city needs good low-income housing and believes this is another step towards that goal.
He said both sides were flexible during negotiations and are comfortable with what was agreed to.
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