BEDFORD – During Monday night’s meeting, members of the Bedford City Council approved a tax abatement for Hoosier Uplands Economic Development Corporation for the development of Limestone Edge, a 32-unit senior living housing project to be constructed on Shawnee Drive.
According to Chuck Heintzelman of Milestone Ventures, who is aiding Hoosier Uplands in the project, the 75% abatement for a 10-year period is crucial for the project to receive state funding, such as dollars available from the Indiana Housing Community Development Authority.
He told the council that qualification for funds is determined by a points-based system, which tends to not favor rural community projects such as this one, however an abatement serves as one of their only leverage options in the process.
The project will see 16 duplex units constructed, along with a community center and potentially a proposed playground at the site. Units will only be available to renters ages 55 or older.
The demand for such a project in the community is high, according to Natalie Powell of Hoosier Uplands, who told the council that the city’s similar Stonecutters Place apartments have nearly 200 on their waiting list to fill vacant units, with some already inquiring to be placed on the waiting list for this new project.
