CITY OF LEBANON COMMUNICATIONS OFFICE
POINT OF CONTACT: Derek Gean
FOR IMMEDIATE RELEASE
City offering incentive for home construction
The City of Lebanon has more than 430 vacant lots or lots with dilapidated structures ready for development and City officials have kicked off a new program to spur new construction.
The Lebanon City Council recently passed a resolution authorizing City staff to waive development fees for residential construction on up to 25 existing lots. To qualify, homes must be priced at or below $200,000.
"This will urge developers to build on these lots or remove the dilapidated buildings and construct new housing," said Brian Thompson, Lebanon Regional Economic Development, Inc. president/CEO. "Through the new program, the developer would be able to offer the future homeowner a new incentive package to offset parts of their loan package.
The program will incorporate a newly formed Lebanon Neighborhood Redevelopment Corporation and will conform with Chapter 353, which is an incentive to help redevelop blighted areas.
A 2016 housing study that the City participated in along with the Lake of the Ozarks Council for Local Governments and Lake of the Ozarks Regional Economic Development Council noted that Lebanon has a shortage of approximately 117 units in the $50,000 to $75,000 range and a shortage of 454 units in the $100,000 to $149,000 range. That shortage along with the abundance of available building locations fueled the incentive.
According to City officials, the housing stock shortage is one of the barriers employers face when trying to attract potential recruits to the region to fill several hundred jobs that remain open on a monthly basis. They also noted that new homes in the price range will help current residents find income-appropriate housing, as many are living in homes slightly beyond their financial means due to the shortfall.
Michael Schumacher, City administrator, said officials hope to have new homes complete within two years and dirt moving within 12 months.
"The intent is to incentivize the private market to acquire and demolish existing vacant, dilapidated, and dangerous-type structures and replace them with workforce housing," Schumacher said.
"This is all part of the mayor and city council’s focus on moving forward for success and growing Lebanon. We are open for business and we are supporting our businesses' workforce development efforts."
Schumacher said increasing the housing supply will greatly improve the quality of life in Lebanon.
“Lebanon is the boat manufacturing capital of the world,” Schumacher said. “The City is a great place to live. It’s safe, affordable, offers great schools and numerous recreational opportunities. The available jobs offer benefits and there are several employers ready to put folks to work.”
Officials hope to immediately begin working with various developers to being breaking ground in Lebanon. Thompson, the program has limits to ensure multiple developers can participate.
"Interested parties will be required to go through an application process and must be approved in the same manner as any traditional Chapter 353 program," Thompson said.
For more information, contact Thompson at 417.533.5627 or email@example.com.