Tax credits to aid development of former Moser Tannery in New Albany

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March 27, 2010

Tax credits to aid development of former Moser Tannery in New Albany

Senior apartments planned for historic building

By DANIEL SUDDEATH Daniel.Suddeath@newsandtribune.com The News and Tribune Sat Mar 27, 2010, 10:35 PM EDT

>>SOUTHERN INDIANA — A planned apartment complex for senior living adjacent to New Albany’s Loop Island Wetlands has received tax credits from the Indiana Housing and Community Development Authority, or IHCDA.

The development, Tannery Commons Senior Apartments, is slated to include 30 one and two bedroom apartments at a construction cost of $4.5 million.

Redevelopment of the historic Caldwell Moser Tannery building at Silver and East Main streets will be encompassed in the development.

The building is owned by Al Goodman, who has opened Loop Island to the public for nature tours and hiking. The next segment of the Ohio River Greenway will include a path near the Wetlands.

The state awarded the Tannery Commons developers, Tony and Pam Young of McDaniels, Ky., with Residential housing Tax Credits.

According to a news release, equity investment for the project will be raised through the sale of the credits. The state is also providing $279,000 of HOME funds for the development.

“The financial support that IHCDA will be providing to incentivize the redevelopment of the old tannery building will get this ball rolling,” Mayor Doug England said.

“Tannery Commons Senior Apartments will place Loop Island on the map.”

Apartment tenants will have to be at least 55 years old and have an annual income no more than 60 percent of the area median income.

England said the Young’s have a proven track record of developing similar projects in Louisville, including South Crum Seniors and Strothers Seniors.

“Since I took office in January 2008, we have been doing our best to improve and showcase our historic central area,” he said. “But sometimes it takes other eyes to recognize the potential.”