Local developer Patrick McLarnon has applied to the city to receive its development incentive worth up to $500,000 over 10 years to build a 12-unit apartment complex in Copper Ridge.
City administration is recommending approval of the application. City council is scheduled to vote on the recommendation Monday.
Under the incentive policy, developers can receive a maximum grant of $50,000 each year after they pay all property taxes owed.
A primary condition of the policy requires that the apartments be managed as rental properties for at least 10 years; otherwise, property owners must reimburse city hall any incentive money they’ve received.
“The proponent has provided appropriate site plans and construction drawings and has been issued a development permit for the project,” city council was told at its meeting Tuesday night.
“The two-storey building consists of 12 one-bedroom units. This project also received funding through Yukon Housing Corporation’s Housing Initiatives fund.”
McLarnon is planning on building the apartment complex at 51 Keewenaw Dr.
Council passed its incentive policy in 2011 as a means of encouraging developers to provide more rental accommodations to the market in an attempt to create more affordable housing.
Senior city planner Mike Ellis told council Tuesday there was both support and concern expressed by neighbours last year when the Keewenaw lot was rezoned from commercial to multi-residential.
Bringing forward the proposal for a development incentive and plans for a 12-unit apartment complex is the first time area residents will learn of what’s planned for the site, Ellis said.
Coun. Steve Roddick applauded the addition of the rental units.
But he also wondered what eliminating the commercial lot would mean for the neighbourhood and proximity to store front space in the future, he said.
Roddick offered caution about creating an issue of access within walking distance by building housing density further away from bus stops and the commercial sector.