LIMA — A downtown project designed to renovate a vacant downtown building is hinging on the Lima School Board granting a 100 percent, 10-year tax abatement.
Representatives from the Allen Economic Group and Walter Development presented information about the Metro Center Upscale Lofts and Business Center to the school board Thursday evening.
The building they want to renovate is 127-131 N. Elizabeth St.
They are hoping to build 35 to 40 loft-style apartments that are aimed at young professionals relocating to Lima.
Four things need to happen before the project happens.
“First of all we need good financing, and we’ve been able to get that through local banks,” said Bill Walter, president of Walter Development.
“The second thing is we have partnerships with local industries signing pre-construction leasing agreements,” he said .
“Third is a ten percent tax [historic] credit, and then the fourth would be the tax abatement we’re seeking with the school tonight,” he said.
Walter hopes to get an answer before the end of the month before they’ll know if they’ll move ahead with the project.
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