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O’Reilly Development debuts $6.2M Lebanon project

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Springfield-based O’Reilly Development Co. LLC debuted a $6.2 million senior-living center in Lebanon dubbed Tower Village.

Brenda Raynor, a spokeswoman for the company, said the 36-unit housing development was 70 percent occupied - after three months of leasing - as of an Oct. 30 ribbon-cutting ceremony conducted by the Lebanon Chamber of Commerce. Attendees included O’Reilly Development officials, project partners, state Sen. Sandy Crawford, R-Buffalo, and Lebanon Mayor Jared Carr.

"This is a project that has been in the works for a long time. It was probably two years ago when I was first approached to write a support letter for this project,” Crawford said in a news release. “It is great to see the project come full circle and to see the finished product.”

Separated by a tree line from Mercy Hospital Lebanon, Tower Village spans nearly 30,000 square feet off Interstate 44. It has 30 two-bedroom units and six one-bedroom units on one floor.

Tower Village also is a bronze-level, green-certified project by the National Association of Home Builders for its lot design, land preparation and energy efficiencies, among other metrics, according to the release.

O’Reilly Development Co. utilized low-income housing tax credits valued at $3.8 million over a 10-year period for the project.

That tax credit program’s status was challenged last year. The Missouri Housing Development Commission in November 2017 voted to withhold the tax credits during 2018, citing inefficiencies in the program, according to past Springfield Business Journal reporting. Gov. Mike Parson has since said if the low-income credit returns, it would be a reformed program, according to media reports.

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