Jefferson City has yet to use any of the $259,000 set aside last year to fund potential financial gaps in the first phase of condemning properties in the East Capitol Avenue urban renewal zone - and it appears that money will be used as the second phase of urban renewal begins.
City Counselor Ryan Moehlman said Thursday during a Jefferson City Finance Committee meeting that the city had received the first financial request from the Jefferson City Housing Authority on that second phase - for the $26,296 cost incurred by the Housing Authority in preparing the property at 608 State St. for redevelopment. This will reimburse the Housing Authority for the difference between the net proceeds received from the disposition of the property and its cost of acquisition, preparation for sale and actual sale.
The gap financing was set at $259,000 in case the Housing Authority received little or no money from condemned homes.
In December, the Housing Authority, acting as the Land Clearance Redevelopment Authority, agreed to sell the State Street property to Dustin Long of Long Last Remodeling after soliciting proposals for redevelopment. The contract was for $8,000.
The house will be converted back to a single-family home with two bedrooms and two bathrooms, Housing Authority Executive Director Cynthia Quetsch said. Long has 18 months from closing to complete the renovation, after which he will decide whether to keep or sell the property.
The Housing Authority purchased the house from the Ousley Group LLC for $29,000.
Moehlman said it was his understanding that the Housing Authority has reached an agreement to redevelop the property at 103 Jackson St. and that requests for proposals have gone out for 101 and 105 Jackson St. These three properties were in the first phase of the East Capitol Avenue urban renewal area plan.
Sales tax updates
In other business Thursday, committee members were told Jefferson City's 1 percent general sales tax for March brought in $1,088,631 - $6,530 under budget for the fiscal year - according to the latest financial report.
The half-cent capital improvement tax brought in $527,714 in March - $22,450 over budget, the report notes.
The half-cent parks sales tax in March generated $527,588 - $2,939 under budget.
The city collected nearly $88,590 in lodging tax in March. The 7-cent lodging tax has collected nearly $8.84 million since voters approved the tax increase in 2011.
The 4-cent tourism fund has more than $5.18 million. Jefferson City saw an increase in occupancy in January compared to January 2018 - 49.4 percent compared to 48.1 percent, according to the financial report.