The Payson Town Council has approved a partnership agreement with Danco Communities to create more affordable housing units.
The company will partner with the Payson Senior Center to create affordable senior living spaces.
Danco President Chris Dart told Council the company will buy a site, partner with the Town to execute a 99-year lease on the property and then build and manage the site for the term of the lease. At the end of the 99 years, the property ownership would revert to the Town.
Dart explained that funding under the tax credit incentive programs is competitive and that the lease arrangement would provide an advantage to the project’s chances, as would the partnership agreement.
Plans call for a three-level apartment community on three acres. Unit designs will be targeted for residents with mobility issues.
The developers expect an answer to their tax incentive application in June or July. If the tax credit application is not approved, the agreement with the Town will end without obligation. (Source)