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Developer says post‑94 CRA is needed to build 455‑unit Shady Grove apartments; offers to donate nearly 7 acres
Summary
Vision Companies presented plans for a two‑phase, 455‑unit Shady Grove apartment community and said it needs a post‑1994 CRA abatement (an example shown: 75% for 15 years) to secure financing; the company also offered to donate about seven acres for a pocket park and will provide more detailed financials and unit‑mix data to the city on request.
Vision Companies told the Findlay City Strategic Planning Committee it needs a post‑1994 Community Reinvestment Area abatement to underwrite a planned two‑phase, 455‑unit apartment community at Shady Grove and offered to donate roughly seven acres of land for a pocket park, Pete LaRose, the developer’s director of site acquisition, said.
"Without the CRA, we just simply can't cover the debt service," LaRose said, describing the economic necessity of an abatement in current market conditions. Vision's presentation said the total proposed investment would be about $95,000,000. The project is expected to be built in two phases (about 222 units in phase 1 and roughly 233 in phase 2); Vision said it hopes to close…
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