HOBART — The city has shown its commitment for an $11 million apartment complex for low-income veterans by pledging help with the bonding process.
Specifically, the City Council has approved a resolution indicating Hobart is willing to serve as a conduit to issue bonds for the development A Safe Haven has planned in the Silverstone area, City Attorney Anthony DeBonis said.
Hobart is not obligated to pay off the bonds, DeBonis said. Funding generated by the project will be used to make bond payments.
With the approval of the resolution, the application process for the bonds can begin. The council will eventually consider issuing the bonds, but it hasn't yet been determined when that will happen.
Councilman Matt Claussen said Hobart has authorized similar economic development bonds in the past.
A Safe Haven in July announced its plan for the 75-unit apartment complex that will be located on property in the southeast corner of Silverstone, which is off Mississippi Street and north of U.S. 30.
Brian Rowland, a co-founder of A Safe Haven, said it will serve veterans who can’t afford to live independently. That can include homeless or disabled veterans.
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Rowland said rent will be subsidized so it will be affordable for veterans.
The goal is to help veterans in need become self-sufficient and find employment through services provided at the facility.
The property for the development is within walking distance to a commercial site, which could be helpful if there are employment opportunities in that area. The location also is near a public transportation line.
Rowland said a case manager from the Adam Benjamin Jr. clinic also will be available at the facility.
He said construction of the three-story apartment complex is expected to begin in the fall this year. It's anticipated it will be completed in 2020.
Officials have indicated they hope the project could help attract more development in the Silverstone area.