EDIC backs transfer and extension for 22‑unit Lenin Lofts redevelopment

The EDIC supported a transfer and time extension for the Lenin Lofts redevelopment, a previously approved 22‑unit apartment project that includes a five‑year Renaissance zone exemption plus an additional five‑year property tax exemption under the TIFF structure.

Jim Gilmore summarized the situation: the project had earlier approvals from the committee, county and schools but the original general partner declined to proceed. Kevin Bartram of NBA Architects, who said he owns the land, told the committee he can make the numbers work now that construction costs have softened. Bartram said he plans to start demolition “right away this spring and summer” and to build the same 22‑unit design with enclosed first‑floor parking and two stories of apartments.

Members noted the property has been vacant following fire damage and that redevelopment would help reduce nuisance problems. Gilmore and members discussed the incentive structure: the Renaissance zone five‑year exemption and the separate five‑year tax exemption (totaling a potential 10‑year benefit when both apply) and emphasized that property taxes continue to be paid at current rates during the incentive period and return at a higher assessed level after the exemption ends.

The committee moved, seconded and approved forwarding the transfer and extension (voice vote). Members urged coordination with schools and neighbors as the project proceeds.

Next steps: the development agreement requires amendment at the city commission level to provide the extended timeline; the new owner expects demolition and construction to begin as soon as financing and permits are finalized.