6-year tax abatement approved for planned Hobart subdivision

Randy Hall, of Luxor Homes Inc., said the property, at 601 N. Wisconsin St., was purchased in 2007.

“We all know what happened with housing,” Hall said. “It wasn’t a great time to buy, but now we’re confident this will benefit the city.” .

Hall said financing approval is in place, contingent on the commission’s approval, and that the original 6-year tax abatement he had expired.

“It expired, I missed a date or something, so I’m applying for eight years abatement, which will add over 400 families to our community,” Hall said. “Following the city’s improvements, we would start putting in asphalt in the winter. It will take at least eight years to get that many homes built.”

The commission, however, would only approve a six-year abatement for the first portion of the development.

Denarie Kane, director of development, said she believes Hall’s eight-year projections are very reasonable.

“There’s been quite a few subdivisions that had to apply for an extension,” Kane said.

According to Hall, there has not been any significant residential development in the northwest corridor of Hobart for some time.

“This subdivision will greatly increase value in the area and will immediately impact the community in a positive way,” Hall said. “It’s not an easy task to get builders to come here, but having built my first home in Hobart, I do have some attachment.”

William Heuring, a member of the commission, expressed concern with the potential value of the subdivision as well as the size of the lots

“The values of the homes south of Mundell Field are going down and I’d hate to see something like that happen here,” Heuring said. “With 105 acres and 447 houses, that’s approximately a quarter of an acre per lot. That makes the lots smaller.”

Hall said many of the lots will be similar to those found in the Villages of Lake George, which Hall also owns. Cressmoor will consist of eight sub-communities, which will cater to specific demographics, Hall said.

“We’ll provide local services to people so they don’t have to leave the area,” Hall said.

Councilman Josh Huddlestun, D-2nd, and a member of the commission, said he has followed the project for nearly 10 years and is looking forward to seeing the potential benefits for the city.

“With wanting to bring a more upscale community to Hobart, the people will shop at our stores, they’ll volunteer in the community,” Huddlestun said. “Here we are ready to put shovels in the ground. I think this is a game changer.”

Hobart Mayor Brian K. Snedecor expressed his confidence that the subdivision will be beneficial to the city, despite concerns about the subdivision’s quality.

“That’s a very legitimate concern, but if you look at some of his other properties, I believe we will get a quality product. I give Mr. Hall a lot of credit for sticking with this project,” Snedecor said. “I believe in the city of Hobart. The people will buy into it and I think it’s a win-win for the city.”