OWOSSO CITY COUNCIL APPROVED a 12-year tax exemption plan, estimated at $158,500 in exemptions, on the property at 114-116 W. Main St. during the regular meeting on Tuesday, Jan. 21. The plan is to construct ten apartments on the 3rd-floor of the 40,260 square foot structure – originally constructed in 1885. The 3rd-floor has been functionally obsolete for years.
Ruesswood REI Group LLC (Randy Woodworth) applied for the Obsolete Property Rehabilitation Exemption Certificate (OPRA) in December. The 3rd-floor project is valued at $813,200 and will likely include one employee.
Council member Nick Pidek shared he thinks creating the apartments is “a step in the right direction.” Owosso currently has a housing shortage. Pidek made the motion to approve the OPRA exemption and council member Jerry Haber supported it.
Council member Lori Bailey asked about the rent cost and size of the apartment units and also parking, which is always a concern in the downtown area, though her questions were not conclusively answered.
(Independent Photo/Karen Mead-Elford)