Tonawanda News — City of Tonawanda Mayor Ron Pilozzi announced he’s reached an agreement with Natale on a contract for the sale of a parcel off Little League Drive that will be made into a long-talked-about housing development.
“Natale has a fine reputation for building quality homes. When you couple that with the beautiful location of the Veteran’s Park subdivision you have an unbeatable combination,” Pilozzi said in a statement.
The release of the written agreement, which is available online on the city’s website, comes after almost three years of negotiations with the company and almost eight months of work on the contract.
The city and Natale agreed on most of the basic terms in November, but attorney Laurence Rubin, of Kavinoky Cook LLC, who represented the city in the negotiations, said the two parties spent the last eight months going over the details of the contract, including the rerouting of a bike path on the property.
The document calls for construction of 53 condominium-status homes that will be built in three phases. Four or five different models will be available in ranch and two-story designs. The sizes will range from 1,350 square feet to 2,200 square feet.
Natale will pay a total of $192,000 for the 16.94-acre property, and will also pay for infrastructure costs at the site, including the installation of roads, water and sewer lines and street lighting. The infrastructure work is estimated to cost about $1.5 million.
As a result of the condo status, the homes will be assessed at a reduced rate.
“The result of assessing it that way is that it comes in at about 65 percent of the construction value. Those evaluated at 100 percent with comparable value of construction would be paying more in taxes,” Rubin said.
Put simply, homeowners whose properties cost between $225,000 and $250,000 to buy will pay taxes as if the home was worth between $146,250 and $162,500.