Galesburg City Council on Monday night could sign off on a letter that would aid a developer in transforming Churchill Junior High into an independent senior living center.
Bywater Development Group was the lone buyer when bids were unsealed for the former school building at the Nov. 6 Council meeting.
If they are successful in getting credits from the state government the closing date for the city to sell the property would be March 2025.
About 60 apartments would be available for active seniors ages 55 and above, with around 80 percent being one-bedroom and 20 percent two-bedroom.
Council will be asked to authorize signing a non-binding site control letter that Bywater can submit to the Illinois Housing Development Authority.
Council documents say that the project is estimated to be over $17 million but largely depends on Bywater obtaining Low-Income Housing Tax Credits from IHDA.
Bywater should hear about their application by February 2, 2024, although it is a competitive process.
The next step would be the submittal of a Final IHDA application by March 29, 2024. This would require an Option to Purchase be executed between the City and Bywater.
IHDA anticipates announcing successful applicants by July 19, 2024. If approved, a closing date to sell the property by March 2025 is expected.
