Heather Estates completion expected end of September
Spec homes all sold, housing grant unfunded
By Russ Pankonin
The Imperial Republican
Imperial’s new housing development, Heather Estates, located in the Cornerstone Development Park, should be completed by the end of September.
That’s the projection by Matt Thomas, owner of Dana Point Development, the company that’s developing the housing.
Two of the 10 rental homes are already occupied and he said three more should be ready by the first week in August.
He plans to have the final five completed by the end of September.
He said the cold this winter, coupled with the wet conditions in the late spring and early summer, slowed progress. He had hoped everything would already be complete by now.
In addition to the 10 rental homes Thomas built, he built four new spec homes on lots purchased from the city, also in Cornerstone.
On Monday, Thomas said all four homes have been sold. One home has already been completed and the new owners have already moved in.
He anticipates those homes will all be finished by mid-October at the latest.
A ribbon-cutting ceremony will be held this fall to recognize the local improvements.
Housing grant app denied
Thomas hoped to build five more rental homes on East 3rd Street with funds applied for through the Nebraska Housing Trust Grant Fund.
However, Thomas said those hopes were dashed Monday when he received word from the Nebraska Department of Economic Development that his application was not funded.
He also submitted a similar project in Aurora that was funded. Thomas said it was a case where the 3rd Congressional District only got so much grant money and there were not enough funds for both.
While he was disappointed the grant for Imperial didn’t come through, he doesn’t necessarily plan to give up.
He said he will likely make application for the same funds next year for a project in Imperial.
The one good thing about the delay, both he and City Clerk Jo Leyland said, is that the city will have a better feel on how much sales tax money will be available for further infrastructure.
New legislation exempts farm repair parts from city sales tax. That’s expected to reduce Imperial’s LB 840 city sales tax revenue by at least $80,000 next year.
Sales tax funds are used as the revenue source to back bonds sold to pay for infrastructure and paving improvements in Cornerstone.
Leyland said the city will have a better idea on what to expect sales tax-wise as they consider the extent of improvements to make housing development feasible along 3rd Street there.