Pacific may soon land an $11.2 million seniors-only, low-income residential development.
Developer Bob Ring, of Ring Property Co., is proposing to build Aurora Estates at the intersection of Indian Warpath Drive and Lisa Lane for adults ages 55 and older, primarily with household incomes less than 60 percent of the county median income.
Ring said his company did a market study that found an “insatiable demand” in Pacific among seniors for affordable housing.
During its meeting Tuesday night, the Pacific Board of Aldermen voted unanimously to approve a resolution expressing its support for the project.
Before the vote, Ring gave a presentation outlining his proposal. He said the development would be one three-story building with 46 2-bedroom, 1-bathroom 825-square-foot units.
Ring said 34 of the 46 units would be reserved for residents with an annual income that is 60 percent or less than the Franklin County median income, and seven of the units would be reserved for residents with an income that is 30 percent or less than the county median income. The remaining five units would be market rate, meaning people of any income could rent them. Ring said the rental rates would range from $430 to $620 a month for the income-limited units, and the market rate units would be $720 a month.
According to the U.S. Census Bureau, the median household income of Franklin County was $57,214 from 2015 to 2019, the most recent data available.
“So you get into a pretty wide range of affordability there,” Ring said.
Additionally, Ring said, seven of the units would be set aside for residents with special needs, including physical, mental or emotional needs.
Ring said the development will have enough parking for 69 cars, which is about 1.5 spaces per resident.
“Our history shows that they never fill up,” he said. “Many of these seniors will probably not drive.”
He said many of the people who would be living on the property are seniors who rely on family and friends to drive them where they need to go.
A site plan provided by Ring included a green area where he plans to put trails or landscaping and a detention pond for stormwater runoff.
He said he has applied to the Missouri Housing Development Commission for low-income housing tax credits to subsidize the project. State records show that Ring has applied for $582,400 of state low-income tax credits and $832,000 of federal low-income tax credits. Ring told The Missourian the project wouldn’t move forward without the credits.
Ring said the Board of Aldermen’s resolution will help him make a case to the commission that the project should receive the credits. He said the housing commission receives about 130 applications for projects in a typical year and gives credits to about 30 to 35 projects annually, meaning his project has about a one-in-four chance of receiving them.
“The determination of the award is, in some respects, by way of point total,” Ring said, explaining that each project is given points for various attributes, “and in other respects, by way of more subjective factors, one of which is community support. And that’s why we’re here tonight.”
“I think it’s a good plan. When (residents) aren’t doing anything, they can go out and watch the football game,” said Ward 2 Alderman Jerry Eversmeyer, pointing out how close the property would be to the Pacific High School football field.
Ward 3 Alderman Drew Stotler said he thinks it would increase the city’s appeal. “I love those prices that you laid out, too.”
An online public hearing on the project is scheduled for Nov. 8. Register at mhdc.com.