December 30, 2010

Elk Ridge Apartments under new ownership

By Michael Johnson


If all goes as planned, Elk Ridge Apartments in Underwood will be sold to a new owner today. The renaissance board and the Underwood City Commission approved an application for a tax incentive for Legacy Solutions Incorporated and they hoped to close on the apartments today. Clayton and Kelli Ruff owned the apartments. The apartments are spread through four buildings and there are 12 apartments in all. The application for the tax incentive included tax exemption declining over five years. That includes 100 percent exemption the first year and declining by 20 percent each year after that. After the renaissance board and city approved the application, it needed to be approved at the state level.



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