The tax savings is projected at slightly more than $1 million over 10 years.
About 30 units will be set aside for memory care. A drawing of the development also shows 13 separate homes.
“This community will consist of a mix of studio, one-bedroom and two-bedroom assisted living residences along with independent living villas,” according to company information.
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The facilities are expected to employ 65 people at a $2.1 million annual payroll.
Construction is to begin this spring and be completed by fall 2021.
Today, the Board of Warren County Commissioners is scheduled to review the abatement request.
The property, zoned for single-family residential development, has been on the market since 1979, according to information included in the commissioners’ meeting packet.
Development will require “extensive grading and site work,” according to packet information.
In addition to creating no jobs, residential development “would have a negative financial impact on School system,” according to the company information. This assumes children living in the homes would attend local schools.
The proposal also projects a $3.1 million in annual economic “ripple effect” and 300 construction jobs during development.
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By 2023, the proposal projects a 26.5 percent increase in the population of people 75 years old or more in the primary market area, almost four times the 7 percent increase projected nationally.
“Monthly rates and fees will be comparable to other existing senior living communities found in the surrounding area,” according to the proposal.
Leo Brown Group specializes in healthcare real estate development and has developed $1 billion in real estate in 14 states, including Beavercreek and Deerfield Twp., according to its web site. Projects range from independent living to long-term, acute-care hospitals.
“The developer has submitted a concept plan to the City, but they have not submitted formal development plans at this point. They are still working through their due diligence on the property, and evaluating the financial feasibility of moving forward with the project,” Lebanon City Manager Scott Brunka said in response to questions.
“The City is excited about the prospect of this $30 million development moving forward,” Brunka added. “With it being restricted to senior citizens, the proposed development will not create additional service demands on the school system.”
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