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Developer won’t pursue tax-exempt conversion for Carmel Creek senior housing; board hears concerns about rent increases
Summary
Staff reported the developer for Carmel Creek will not move forward with a plan to remove the senior housing development from the tax rolls and instead plans to raise rents to offset costs; a board member noted the complex houses residents on fixed incomes and flagged concern.
Staff told the board that the developer who owns the Carmel Creek senior-housing property will not proceed with a proposal to remove the development from the tax rolls after engaging with the city and the independent school district; instead, the owner plans to increase rents to offset rising costs.
A board member said the complex is relatively small and houses people on fixed incomes and asked staff to "nail down the loose ends" of the discussion. The board took no formal action on the item at the meeting.
