Lake City Sells 17 of 20 Residential Lots in 8 Weeks

Article written by Elliot Culp

 

After launching the Eaglewood Estates Fifth Addition Lot Sale Building Incentive Program on June 15th The City Council has approved 17 lot sales. The program is administered by The City and the EDA.

The program focuses on incentivizing construction, and making sure land is available to both homeowners and builders. “To build a home that many are looking to purchase, the building costs are high; taking into account lending policies in banks, high land sale prices, and the demands of the consumer. That environment makes for high expenses in developing a property, not only for a family, but developers as well. This was the rationale for the $1,000 land sale price and minimal stipulations. They enabled the program to appeal to a wider customer base. We are going to be seeing homes developed here that will probably be starting at $180,000, thanks to the low upfront costs.” said Elliot Culp, Executive Director of the Lake City EDA and Business and CEDA Community Development Specialist.

The city will receive building permit revenue, new utility accounts, and see an increase in the tax base from the increase in property values.