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City Council Gets An Earful About Proposed Apartment Complex
There apparently continues to be one big misconception about the proposed apartment complex available to Carl Sandburg College students that will be built on the site of the former Regency Motel.

One of the comments that came up over and over again at Tuesday night's Galesburg City Council meeting about the proposed complex and a change in zoning that was before the council on first reading: that someday the complex will become federally-subsidized housing if not all the units are filled up with students or those willing to pay full rent.

But Oxbow Development co-owner Tim Baldwin says that's not why he builds student housing.

"We havent had that scenario, if they don't fill with students, they fill with market rate renters," he says. "Otherwise they sit empty, because at the prices we charge, we just don't have the flexibility to move down in rent. It also doesn't work with the model if we've already rented the unit to one person at this rate to lower the rent for this person at this rate. It doesn't meet our financial models, it doesn't meet our bank's models for debt coverage ratios. It's just not a possiblity."

That didn't allay the fears of residents, who continually still suggested it will become subsidized housing at some point.

Carl Sandburg College officials, however, say there is a high likelihood that students will fill the housing.

The Galesburg City Council will consider the re-zoning September 19th.
09 08 11 by Newsroom
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