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Posted on: October 28, 2020

RELEASE: 20-057 - City of Lebanon offering new incentive to homebuilders

Media Release

 

CITY OF LEBANON COMMUNICATIONS OFFICE

POINT OF CONTACT: Derek Gean

RELEASE: 20-057

VOICE: 417.991.2310

EMAIL: dgean@lebanonmo.org

 

 

FOR IMMEDIATE RELEASE

 

City of Lebanon offering new incentive to homebuilders

 

The City of Lebanon is adding a new incentive to entice builders to construct housing in Lebanon. 

 

Beginning immediately, the City is reducing the cost for infrastructure development, such as street and curb additions, by half, for the next 24 months. If builders begin their construction in the next 24 months, the cost per linear foot of street and curb will be $85.50 per foot – 50 % off the previous rate to $170 per foot. 

 

The resolution, enacted by the Lebanon City Council on Oct. 26, also allows developers to work out an agreement to pay off the construction following sell of the constructed property. 

 

A 2016 housing study that the City participated in along with the Lake of the Ozarks Council for Local Governments and Lake of the Ozarks Regional Economic Development Council noted that Lebanon has a shortage of approximately 117 units in the $50,000 to $75,000 range and a shortage of 454 units in the $100,000 to $149,000 range. That shortage along with the abundance of available building locations fueled the incentive. 

 

According to City officials, the housing stock shortage is one of the barriers employers face when trying to attract potential recruits to the region to fill several hundred jobs that remain open. They also noted that new homes in the price range will help current residents find income-appropriate housing, as many are living in homes slightly beyond their financial means due to the shortfall.

 

"This is all part of the mayor and city council’s focus on moving forward for success and growing Lebanon. We are open for business and we are supporting our businesses' workforce development efforts,” said Michael Schumacher, City Administrator.

 

Schumacher said increasing the housing supply will help fill open positions and greatly improve the quality of life in Lebanon.

 

“Lebanon is the boat manufacturing capital of the world,” Schumacher said. “The City is a great place to live. It’s safe, affordable, offers great schools and numerous recreational opportunities. The available jobs offer benefits and there are several employers ready to put folks to work.”

 

For more information, contact Joe Berkich, Codes Administrator, at jaberkich@lebanonmo.org or (417) 991-3905.

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