HOPKINSVILLE, KY (CHRISTIAN COUNTY NOW) – A new affordable senior housing development called Harvey Square was approved by the Hopkinsville City Council to receive significant tax incentives. The 76-unit apartment building will be located off of W.O. King Lane near Patriot Chevrolet in Hopkinsville.
A municipal order presented to the council on Oct. 1 authorized Harvey Square to retain an 80% rebate of any increase in ad valorem tax revenue that would be otherwise collected by the city. It was specified during the meeting by City of Hopkinsville CFO Melissa Clayton that this would result in about $14,000 in rebates every year for 20 years.
“For example, if the property is currently valued at $10,000 and increases to $100,000 post-construction, property taxes would increase, but the city would rebate 80% of the property taxes paid on that increased value back to the facility for the next two decades,” explained Amanda Brunt with the City of Hopkinsville. “This arrangement is mutually beneficial. The city receives 20% of the new tax revenue, while the rebate incentivizes investors to choose Hopkinsville for their development, recouping some of their initial investment.”
During the meeting, Councilmember Steve Keel recused himself from the discussion, and councilmember Bruce Smiley was the only opposing vote.
In a news release written by Wallick Communities in February 2024, the company described the 79,000 square foot development as a new senior affordable housing project that will serve residents ages 55 and over who have an income below 60% of the Area Median Income. The project was already awarded $1,482,000 in 9% housing tax credits from the Kentucky Housing Corporation, according to a news release.
The development is said to include common areas, a lobby with age-friendly seating, a community room with a kitchenette, and a fitness center.
DON’T MISS A STORY: Click here to sign up for Christian County Now’s free weekly email newsletter