City commissioners voted in approval Tuesday to annex unincorporated territory in Daviess County that will be home to Cedarhurst Senior Living in the near future. This seven acre plot of land is located at 1900 Pleasant Valley Road and adjoins the present boundary line of the City.
In addition to annexing the land, the City of Owensboro approved a municipal order authorizing Mayor Tom Watson to execute a memorandum of agreement with Cedarhurst of Owensboro Real Estate, LLC, stating the City would reimburse Cedarhurst for the cost of construction and maintenance at the property.
This reimbursed amount cannot exceed the total cost of the public facilities, or the total ad valorem, net profits and occupational tax revenues derived from the property — whichever ends up costing more — over an eight-year period.
City Manager Nate Pagan called this tax incentive “standard” for the agreement taking place.
“This is our standard incentive allowing the company to recoup incremental taxes for eight years — up to, but not exceeding, the cost of their public infrastructure,” Pagan said.
As described by Pagan at a previous City commission meeting, Cedarhurst Senior Living will consist of 56 senior apartments and 27 memory care suites.
“The company will invest approximately $18 million in the project and employ approximately 50 when the facility is completed,” he said. “The company has signed a consent form to proceed with this annexation.”
Watson said Cedarhurst would be a tremendous asset to the community.
“We’re short maybe one more [facility] to take care of these folks who need that special attention,” Watson said. “It’s going to be a really great addition to our community.”
