STEVENS POINT, WI (WSAU) - After several attempts, it is likely that Stevens Point will vote to sell an elderly apartment building to a private developer Monday night.
Edgewater Manor is owned by the city’s Community Development Authority, and has been operating at a loss since Federal HUD subsidies ended. Critics of the sale say the city isn’t interested in properly operating and marketing the property, and that the city is more interested in getting the property back on the tax rolls as part of a downtown TIF district.
Mayor Halverson says the proposal does protect the seniors that already live there. “Our main focus was always making sure that those tenants would be protected, and it also freezes the rent for three years and then allows for only a one percent increase in rent for existing tenants from that point forward.”
Halverson believes the sale of Edgewater Manor will not only be the right decision for the city, but will also make it better for senior citizens to stay in their own homes if they choose. “We feel it’s the best overall decision for the CDA from a management perspective as we get no HUD subsidy for that property. It helps us increase our housing trust funds which would take those to well in excess of three million, which would help us have a little over a hundred thousand dollars a year, along with our great partnership with CAP Services, to continue to reinvest in rehabbing owner-occupied homes.”
The city first arranged a sale to Seramur Family Limited Partnership in January, but that deal fell through after criticism the deal was too secretive, the price was too low and the city hadn’t tried hard enough to manage it or market it. Other developers expressed an interest over the winter. Affordable Senior Housing was recently selected from the submitted proposals to the city. They have offered 1.5 million for the property with plans to remodel the 30-year-old building.