CARY – After a 4-2 vote on Tuesday, Pedcor Investments now has the blessing of the Cary Village Board to go forward with its proposed apartment complex.
Pedcor Investments wants to build a 60-unit apartment complex at First and Pearl streets. The vacant 4.5-acre lot is next to an existing complex, Oak Knoll Apartments.
Trustees Rick Dudek, David Chapman and Bob Bragg and Village President Mark Kownick voted in favor of the project.
“This product is for someone who doesn’t make a lot of money,” Kownick said. “They deserve a nice place to live.”
Trustees Jeff Kraus and Karen Lukasik voted no.
Lukasik said there is already low-income housing in the area, including deteriorating single-family houses, with multiple families living in some houses.
“What we’re doing is segregating low-income housing [to] one area,” Lukasik said.
Kraus said he didn’t want rental complexes next to one another.
“I don’t want to put more rental housing next to a complex that has had a lot of trouble in the past,” Kraus said.
As part of the approval, Pedcor also has to pay the village a $250,000 impact fee that will go toward the village’s municipal building fund.
There would be one-, two- and three-bedroom units spread out over six buildings in the 60-unit low-rise apartments.
The $18 million complex is designed for people who work as teachers, firefighters and police officers, as well as entry-level and service-sector workers, Pedcor has said.
Pedcor wants to target people who have a moderate income, but can’t afford the average-priced house in the area.
Construction on the project would still be almost a year away.
Pedcor plans in July to apply for tax credits through the Illinois Housing and Development Authority’s Low Income Tax Credit program.
The IHDA program administers federal tax credits. To receive the credits, Pedcor would have to primarily serve residents who make 60 percent of the area median income or less. Investors in the property then can get tax credits in return for project equity, which reduces the amount needed to finance the project and makes rent more affordable.
Thomas Crowe, executive vice president for development and finance, said the company expects to hear from IHDA in the fall.
If approved, the company would start construction in May of 2015, with the first building completed in 10 months, and an additional building or two every month following.
Federal law says that rents and incomes on the property have to remain restricted for 15 years.
There was a crowd of about 50 people in the audience.
Rich Ring, who volunteers with PADS, spoke at the meeting and started his remarks by saying he was probably in the minority of those in the crowd when he spoke in favor of the project.
“If you earn $50,000 a year or less, you can afford 10 percent of the properties in the county,” Ring said.
Resident Pat James said she believed there would not be enough parking and traffic would be a problem with this complex.
Janelle Jurcik said the project should go elsewhere in town.
“I don’t believe they belong where they are,” Jurcik said.