The closed Budget Inn property in Toledo could become the site of a new 24-unit family housing project. Chronicle file photo

A public hearing was conducted by the Toledo City Council on Monday, Dec. 22, concerning a proposed change in the Toledo Urban Revitalization ordnance.

The Budget Inn property at 907 S Broadway was the focus of an amendment to include the property in the urban renewal district.

No comments were heard or received.

Council members Joe Boll, Brian Sokol and Terry Goodhart voted to waive the next two hearings. Members Travis Mullen and Jeff Filloon were absent.

The council then approved a resolution adopting the City of Toledo Urban Revitalization Plan Amendment 1 for the Budget Inn property at Broadway and South Business Highway 30.

The property is currently owned by Hetal P. Rasania and is zoned as a commercial property. It has been closed for several years and the three motel buildings were boarded up on orders of the city in November, 2103.

Newburry Living, a West Des Moines property development company has made an offer to buy the Budget Inn property for a 24-unit family style apartment building aimed at increased housing needs for the recently opened Iowa Premium Beef in Tama.

The deal hinges upon approval of Community Developemnt Block Grant fianacing of which a decision is expected in January from state officials.

Newburry Living is also seeking 10 years of 50 percent tax abatement of which the property is now eligible. The property must meet the following requirements for the exemption including: the property is abandoned and has been declared a nuisance by the City; the housing is located in the high visibility area and described as Amendment 1 Boundaries; and the multiresidential housing is new construction of at least 20 units.

Toledo’s Urban Renewal plan is believed to not have been updated since it was created in 1970.