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STOW -- A senior residential development planned on Allen Road could be a financial boon, especially for the Stow-Munroe Falls School District.
Thomas Finley, a partner in Beachwood-based developer Omni Senior Living, said it is estimated that the development is a $25 million to $29 million project that would raise more than $500,000 in property taxes, plus a payroll that will be more than $2 million, which would result in more than $40,000 in employee withholding taxes for the city based on the city's 2 percent tax rate.
According to the Summit County Fiscal Office's online property tax calculator, such a development would generate between $620,000 and $720,000 in new property tax revenue annually, including nearly $400,000 to about $460,000 for the Stow-Munroe Falls City Schools and about $83,000 to nearly $100,000 for the city. The remainder would go to the county, the Stow-Munroe Falls Public Library and the Summit Metro Parks. Summit County Deputy Fiscal Officer Sarah Hegnauer said the fiscal office's tax settlement department determined the figures are "factual."
Mark Fritz, the school district's director of operations, said the additional revenue would be welcome.
"Obviously the district can use funding to help maintain buildings and to provide educational materials for the kids and support for the staff and the teachers," said Fritz. "With the state cuts [to public schools] all the time and the federal cuts, this money will help."
Finley said Omni hopes to have the property cleared and graded by the end of this year and start construction during the first three months of 2018.
The development will also be just north of Northeast Ohio Eye Surgeons practice and across the street from the Cleveland Clinic-Akron General Wellness Center. The wellness center is at 4300 Allen Road.
Finley said the development will provide a full range of services for seniors. A 142-unit main building will include 82 independent living and 42 assisted living units and an 18-bed memory care section.
In addition, six independent living villas are planned to the east, near Hudson Drive.
"It will be an age-in-place continuum care," said Finley, adding "that continuum of care in a long-term community, I think, is important to the residents and to a successful development."
There will be access to the development from both Allen Road and Hudson Drive and a circulation drive around the entire site will provide access to the main building from the north and south. Stormwater management will be accommodated through the use of detention basins and underground storage.
Finley also said the project is the first of what Omni hopes will eventually be three phases. He said Omni is negotiating to purchase a 1.7-acre parcel behind the eye clinic for 10 additional independent living villas as the second phase.
"The marketing report says there is a high demand for that type of building in the area," he said.
For the third phase, he said, Omni is negotiating to purchase an additional 4.5 acres to the north, but what would be built there would depend on future demand.
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