(Batesville, IN) – High-end and loft apartments are a step closer to coming to downtown Batesville after City Council approved a 10-year tax abatement on a sliding scale for Depot Square 2.0 Monday night.
The project includes an $8.5 million investment and is the next phase in a downtown market-rate apartment development.
Bruce Rippe presented the tax abatement request last month to the Batesville Economic Development Commission, which forwarded it to the city council with a favorable recommendation.
“It is certainly helpful in terms of finalizing the financing for the project and to have it move forward successfully,” Rippe said.
The abatement percentage range is as follows:
- 100% in Year 1;
- 95% in Year 2;
- 80% in Year 3;
- 65% in Year 4;
- 50% in Year 5;
- 40% in Year 6;
- 30% in Year 7;
- 20% in Year 8;
- 10% in Year 9;
- 5% in Year 10.
Rippe added the project will address a critical housing need.
“All market-rate housing within Southeastern Indiana has been operating at nearly full occupancy for the last several years,” he said.
Plans for Depot Square 2.0 call for 26 units that Rippe says would draw high-income spenders to downtown who will support local businesses and attract new businesses to Batesville, while providing more relevant and desirable housing options for people relocating to the area, which can help employers address the current labor shortfall.
Construction is scheduled to start in July 2024, with completion in June 2025 and the lease-up expected to be completed in January 2026.
