Princeton approves tax abatement for apartment project

The council approved a resolution designating the area just west of the South Main overpass as an economic revitalization area and confirmed a phase-in tax abatement package approved at the March 5 council meeting.

The former Baldwin Heights school property was purchased by Reinbrecht Development with plans for two 24-unit apartment buildings and development of the rest of the property into 21 new single-family starting-range homes, all part of a $7.2 million plan.

The project was granted use of over $180,000 in Tax Increment Financing revenue in January by the Gibson County Redevelopment Commission.

Each apartment building would include six one-bedroom, six three-bedroom and 12 two-bedroom units. Rent would range between $795 and $995 per month, based on size.

Developer Phil Reinbrecht, told the council in February that construction, from start to finish, could be completed within eight months.

Princeton Mayor Brad Schmitt noted earlier this year that development of the property places it on the property tax roll for the first time in more than 100 years.