Local developer Chuck Schneider is well on his way to owning a piece of Oxford Village property which he intends to transform into a mix of 76 residential units.
Last week, the village council voted 5-0 to approve a purchase agreement with Schneider through which he would acquire 98 S. Glaspie St., a former industrial site, in ‘as is? condition for $225,000.
Purchased by the village for $700,000 in March 2006, 98 S. Glaspie St. consists of two parcels totalling approximately 3.5 acres with two attached buildings totalling 21,400 square feet. The property was appraised at $305,000 last year.
Schneider is looking to construct a three-story multiple family complex containing 36 condominium units, plus 40 two-story, attached single-family row houses.
‘The project itself, I think, is really going to benefit our community,? said Councilman Tom Kennis, who helped negotiate the deal. ‘I’m very pleased (with) the whole agreement. Although it should be (for) more money.?
‘I’d like to spend less,? responded Schneider, adding the entire project is going to cost him ‘about $8 million when we’re all done here.?
Right now, the property is zoned for single family residential use (R-1 and R-3). Schneider wants the portion zoned R-1 to stay as is, but he’s planning to request the R-3 portion be rezoned to multiple family (RM-1).
Based on calculations provided by village Manager Joe Young, if the property is developed as Schneider proposes, it will generate an estimated $44,816 annually in property tax revenue for the village.
That’s based on the municipality’s current tax rate of 10.62 mills.
The development also has the potential to yield an additional $50,000 to $60,000 annually in water and sewer revenue, according to Young’s figures.
Under the terms of the purchase agreement, the village would have 60 days after closing to remove the historic Smith Silo that’s stood on the property for many years. The municipality plans to relocate and preserve it.
In November 2012, village residents voted 1,069 to 521 to grant the municipality the authority to sell 98 S. Glaspie St.
Officials claim the main reason the village bought the property was because of its close proximity to the municipal wellfield. They didn’t want to risk another industrial user moving in and possibly contaminating the groundwater supply.
The village hasn’t done much with 98 S. Glaspie St. since buying it. It’s been used for event parking, storing road salt for the Department of Public Works and boats for a private company, and as a makeshift skate park for local youth.
In the past, officials have considered using the property to expand Scripter Park, house a community/senior center and as a new location for the village offices and police department. None of those plans ever came to fruition mainly because the village always lacked the necessary funds.