Friday, June 6, 2014

Bandon River Apartments holds grand opening

Angie Ferguison of Thomas Development Co. (left) and Sheila Mitchell, Bandon River Apartments manager, handle the scissors Friday at the apartment complex's grand opening.
Bandon River Apartments at Snake River Landing had its grand opening today, with the obligatory ribbon-cutting by the Greater Idaho Falls Chamber of Commerce Ambassadors.

Half of the complex's 48 one- and two-bedroom apartments are already occupied. Like Rosselare and Summerhill, Bandon River was built by Thomas Development Co. and Northwest Integrity Housing Co., a development team committed to providing quality housing to people who might otherwise scramble to find a roof over their heads that doesn't leak.

"All people deserve to have a safe, sanitary and very decent place to live," said Tom Mannschreck, a member of the Northwest Integrity board of directors.

In addition to Snake River Landing and the developers, organizations involved in the public-private networking included:
Idaho Housing and Finance Association (low income housing tax credits)
Key Community Development Corp. (equity partner)
Key Bank (construction loan)
Idaho-Nevada Community Development Financial Institution (permanent loan)
Catholic Charities of Idaho (support services)
Erstad Architects (architects)
Pacific West Construction (general contractor)
Tomlinson & Associates (property management)

The project was also aided by tax increment financing made possible through the Idaho Falls Redevelopment Agency. Under tax increment financing, property owners pay taxes on the land as if it were still undeveloped. Taxes they pay on improvements to property are administered by the Redevelopment Agency to pay for streets, storm drainage, power lines, etc. This allows for the development of land that would otherwise be too expensive to improve.

To live in Bandon River, you must be 62 years or older. Rents are charged according to a resident's income on a scale set by the Idaho Housing and Finance Administration.

The developers expect to be awarded the US Green Building Council LEED for Homes Platinum certification, which recognizes attention to sustainable design, energy efficiency and the use of "green" materials.

About 85 percent of the work on the project was done by local subcontractors, said Jason Kunde of Pacific West Construction.