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COMMUNITY P.R.I.D.E PROJECT

The Community P.R.I.D.E. Project is a neighborhood renovation initiative designed to replace blight with new investment.  The intent is to increase quality-of-life and overall attractiveness of targeted neighborhoods.

Goals are to replace structural and vacancy blight with single-family home investment, acquire unsalvageable properties for demolition and conveyance to homebuilders, acquire salvageable properties for rehab and conveyance to rehab experts, and draw capital investment and homebuyers back into these neighborhoods.

The city will acquire a concentration of properties in a targeted Area for rehabilitation.  Working with private builders and rehab specialists, the intent is to complete a critical mass of renovations and demolitions to favorably shift the market and character of the neighborhood.

 

Target Areas

 

 

The project applies to Target Areas A, B, and C.  Within these areas, the city will offer:

Builders of new single-family homes in any Target Area:

  1. No building permit fee (though cost-free permit is still required).
  2. No inspection fees (though cost-free inspections are still required).
  3. No sewer connection fee (though permit still required).
  4. No water connection fee (though permit still required).

Home Rehabilitation Companies or Individuals performing a single-family home rehabilitation exceeding $17,500 in construction value in any Target Area:

  1. No building permit fee (though cost-free permit is still required).
  2. No inspection fees (though cost-free inspections are still required).
  3. If applicable to the project, no sewer connection fee (though permit still required).
  4. If applicable to the project, no water connection fee (though permit still required).

Primary Focus Areas

 

Initially, the city’s Primary Focus Area will involve certain areas within Target Area A; specifically, those circular clusters marked with stars.  Within these areas, the city will make acquisitions for conveyance to home builders and rehabber experts, and:

 

Builders of new single-family homes within the Primary Focus Areas can also receive:

  1. $1.00 acquisition of city-owned lots – single-family home construction to begin in 6 months; completed 12 months after that, or property reverts back to the city,

 

Rehabilitation Firms or Individuals performing a single-family home rehabilitation exceeding $17,500 in construction value within these Primary Focus Areas can also receive:

  1. Acquisition from the city, at-cost, of salvageable structure and lot for rehabilitation and resale to homebuyer.  Purchase price not due to city until sale to homebuyer occurs.  Thus, sales contract will include seller-financing to delay payment until the investor rehabilitates and sells the property to a homebuyer.  For lots acquired in this fashion, construction must begin in 6 months and completed 12 months after that, or property reverts back to city.
  2. Zero-interest loan for up-to 8 months for rehabilitation of the site – still under review.

 

Homebuyers of (i) a newly-built single-family home for occupancy and/or (ii) newly-rehabilitated homed for occupancy within these Primary Focus Areas can receive:

  1. A 3-year service contract with the city, where the homebuyer is compensated by the city for up to 3 years, in the amount of their CITY real estate property taxes.  A homebuyer-occupant investing in a new single-family home or newly-rehabilitated home in the Primary Focus Area is directly serving Hannibal’s neighborhood renewal efforts.

 

PARTICIPANT NEED-TO-KNOWS

 

Builders and Rehab Specialists

When the city acquires a site, it will post the property on its website, under Community P.R.I.D.E. Project.  Photo and vital stats will be included, along with a city contact for obtaining physical access into the property.

 

 

In each instance, the only provisions are:  (i) new construction or rehabilitation must be for a single-family residential floorplan, and (ii) construction must commence in 6 months, and be completed 12 months after that; for a total of 18 months; otherwise the property will revert back to the city.  The sole objective is quality reinvestment.

 

When a property is posted on the city website, an e-mail blast to all enrolled Builders and Rehab Specialists will be distributed, informing them a new property is available.

 

Since prices are fixed (no price bidding), the city will accept 10-14 day proposals from parties interested in acquiring the property.  Interest can be expressed by completing the FORM attached to each listing.

 

The city’s Community P.R.I.D.E. Commission will review all proposals, and choose its sale based on the features (interior and exterior) proposed by the investor, planned quality of improvements, proposed cost of improvements, estimated timeline for completion, potential sales price, and the like.  The city will enter a sales contract with the party who provides the best-quality investment for that particular location, under the most-reasonable timeline.

 

 

 

Photos here illustrate the type of construction finish the city may seek in Community P.R.I.D.E. Project investments (note:  these are just examples; construction styles can be of all different sorts).  Notice the nice exterior finish, attractive landscaping, modern interior features, etc.

 

 

 

 

If you are not selected for sale of any given property, please do not be discouraged.  The city will continually acquire and post new properties on its site and seek proposals.  In addition, any investor can purchase property and invest in a Target Area (see maps above) without city acquisition and sale - and still receive the same benefits outlined herein.  Participation in the Community P.R.I.D.E. Project is not dependent on receiving properties from the city – we’re simply serving as “enabler” to expedite property transaction and reinvestment.  Investors can purchase any property on their own – in a Target Area or Primary Focus Area - whichever applies - and receive the attributable benefits.

 

Homebuyers

Homebuyers of (i) a newly-built single-family home for occupancy and/or (ii) newly-rehabilitated homed for occupancy inside Primary Focus Areas can receive a 3-year service contract with the city, where the homebuyer is compensated by the city for up to 3 years, in the amount of their CITY real estate property taxes.

 

Under this contract, the property owner must pay their city taxes, but the city will make a service-fee payment back to the property owner within 30 days of their tax payment.

 

This benefit vests with the property; not the homeowner.  If the homeowner sells the property to another person within that 3-year window, all remaining benefits accrue to the next owner-occupant.  The benefit applies only to owner-occupancy, and ceases if the property is rented.  If you are one of these homebuyers, please contact the Building Inspector’s office at 573-221-0111, ext 216 to enroll for the benefit.