City council members heard an introductory presentation from Mike Sugrue, a Mabank-based developer with StoneLeaf Companies, last week.
Sugrue said he is one of several companies the city is looking into partnering with for the project, and he will make his official presentation to the Canton Economic Development Corporation at 5:30 p.m. Thursday in the council chambers.
Mercy Rushing, director of the Canton Economic Development Corporation, said Sugrue is proposing to build 80 duplex and triplexes in a one-story housing unit. The property will have walking trails, a playground and an area with barbecue grills. The homes will be senior living for residents more than 50 years old, with some family housing, but not assisted living.
Sugrue said his project would create between 120 and 150 construction jobs and 12 permanent jobs to assorted businesses that provide services to the families. He said the company also pays real estate taxes.
“Taxes are based on the income streams (of the residents), but we don’t mind paying our way as we go,” Sugrue said. “It becomes a win-win as you go, the city gets good housing, we make a couple dollars, and the county gets taxes. Everyone can benefit.”
Ms. Rushing said StoneLeaf has completed similar projects in Chandler and Dalhart, and is currently working on a project in Gun Barrel City.
She said the company did an impact study to determine if the project would be successful, and determined there was a need for 300 housing units in Canton.
Ms. Rushing said to complete requirements from the government, the city and CEDC would have to get involved.
Sugrue said the company would put in an application to the state for affordable housing tax credits.
He said the process can be complicated, but basically affordable housing projects compete for a set amount of allotted credits and are scored on a point system.
The more points the project has, in terms of energy efficiency, number of residents served and other factors, the greater likelihood for more credits.
The credits are then sold to private investors to help make the building project more financially stable and less expensive to develop.
“It allows you to provide housing for people who typically wouldn’t be able to get it,” Sugrue said.
StoneLeaf has not purchased a property, but Sugrue said he is looking at a property on Texas Highway 19. He said if his company is selected, he will purchase it and begin moving forward.
Ms. Rushing said the proposed location would be ideal because it is close to shopping, downtown and an assisted-living facility and a nursing home.
“We are so close to Dallas, and all the baby boomers are looking to retire,” she said.
Ms. Rushing said once a site is selected, the city and developer would assess the infrastructure needs and work out an incentive package.
The proposal would then have to be approved through the economic development board and stamped with final approval by the city council.
“Anytime we can bring more homes for people to come in and move to Canton (we will work toward it). We want to grow and improve our housing stocks for seniors and families.”