Extra Progress Report Stevens County

Page 1

Extra

The Stevens County Times

Saturday, February 24, 2018 1

Progress Report Stevens County

Brooke Kern / Stevens County Times

East Point Village rental complex was completed in 2017 on the site of the former elementary school in Morris.

East Point Village adds to housing options in Morris By Rae Yost Stevens County Times The 61-unit East Point Village apartment complex on College Drive in Morris has met the goals of the investors, said Mike Stoebe of INH Properities of St. Cloud. INH Properties manages the complex for East Point Village of Morris, the limited liability company that owns the complex. “We are able to meet budget and deliver the product quality that was intended,” Stoebe said.

Before East Point Village was built, Stoebe told the then-Morris Sun Tribune, “This will establish a new high water mark for apartments in Morris.” Stoebe compared it to when GrandStay opened a motel in Morris. The city already had motels but GrandStay raised the standard, Stoebe said. The complex has onetwo-and three bedroom market-rent units. Stoebe said the complex has a mixture of professional renters

from various manufacturers and businesses in the area as well as renters associated with the University of Minnesota Morris. The occupancy should reach 95 to 100 percent by this spring, Stoebe said. The complex was built with Tax Increment Financing which means the new taxes generated from the project are deferred for a certain number of years. Stoebe said tools such as TIF are needed to encourage the con-

Brooke Kern / Stevens County Times

The front entrance to East Point Village which was completed in 2017. struction of a project such as East Point Village in rural cities like

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4 Atlantic Ave, Morris, MN 56267

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701 Atlantic Ave, Morris, MN 56267 (320) 589-1424 est. 1936

320-589-3361 001682076r1

Morris. TIF and similar tools help make it cost-effective for pri-

vate investors to develop such projects, Stoebe said.

American Eagle Realty

202 E 7th St, Morris, MN 56267

(320) 589-4200

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320-589-2223 www.heartlandmotor.com

25 W 7th St, Morris, MN 56267

(320) 585-7446 www.image-xperts.com/

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1 East Hwy. 28, Morris, MN 56267

170 S County Road 22, Morris (320) 589-3865 ecsofmorris.com


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