|
Properties, a property management company, in January 1999.
"The company continues to grow. We manage about 1,100 apartment units," he said.
Terra Properties manages property for about 70 different entities scattered throughout Southern Illinois, around 90 percent
of which are subsidized in some way, either through Rural Development (formerly Farmer's Home Administration), HUD, tax
credits or a combination of those, Bowman said.
"We specialize in tax credit properties because there are certain things and amount of expertise going in," he said. "We
have about 100 units in tax credit properties."
Bowman said the Illinois Housing Authority is in charge of handing out tax credits and there are only so many.
"You are ranked on a point system," he said. "You get extra points if you have management experience or development
experience. We have been brought on board in some cases because we have done both.
"If tax credit rules are not followed, the property is subject to recapture," Bowman said. "For example, if someone is put
in who doesn't qualify financially; theoretically, the IRS can come back and recapture all of the tax credits that the owner
took. There are penalties involved and it could mean a lot of money for the investors. In addition, you must fill the building
in the first year."
Terra Properties is now in negotiations to manage a 42-unit apartment complex in the area, Bowman said.
The company manages and maintains about 370,000 square feet of commercial property as well, mostly in the Metro East with
one building in St. Louis. One such property is the Eastport Business Center at Horseshoe Lake Road and Interstate 255 in
Collinsville. Eastport is about 56,000 square feet of multi-tenant office warehouse building, although most is finished out as
warehouse. State Farm occupies most of the building.
In addition, Terra manages self-storage facilities, a few office buildings in Highland and three facilities in Fairview
Heights Executive Park that are business center buildings.
"We have a full maintenance staff of 22 who not only maintain the properties but have also started the past year or so
doing outside work such as home remodeling and repair," Bowman said. "They have always done commercial tenant finish work.
They do electrical work, drywall, carpentry and we work with different homeowners' associations. So we do work on properties
other than the ones that we manage."
Bowman said that fortunately the economy has not had a huge impact on the company because it did not manage a lot of
speculative space.
"We are seeing that people have downsized and rental prices are staying the same, but it hasn't effected us a whole lot,"
he said. "We have such diverse space that when the commercial area lags, the apartment space usually picks up."
Bowman said Terra Properties started as a small division of Korte Construction. Eventually in 1976 a person was hired to be
in charge of rental properties.
"I got here in 1989 and it had grown to about 10 people in the office and eight in the maintenance crew. Now we are up to
25 of each," Bowman said.
A private group owned it from 1989 to 1999 until the Bowmans purchased it.
Bowman later became the president of the Highland Jaycees, which led to more community involvement and he joined the
Highland business education alliance, where he has served as chairman since 1996.
|
Bowman said a big part of his professional development came from being a member of the Young Entrepreneur's Organization
and then, when he turned 40, he graduated into the World Entrepreneur's Organization.
"WPO is a group spun off of Young President's Organization," he said. "It gives company owners a chance to discuss issues
with a peer group. The great part of the group is forum that becomes your advisory board that shares from experience."
He was on several city commissions and served a term as councilman. Bowman has been mayor of Highland for a little more
than a year.
"Highland is the oldest city manager form of government in Illinois," Bowman said. "We have a great city manager, Darin
Girdler. He makes our jobs easier, because he does his so well."
Bowman said as mayor of Highland, he works part time putting in an average of 10 to 20 hours per week.
"Though Highland has never been a community that actively promotes itself, we would like to put together a menu of what we
can offer companies," he said. "Not only companies who are coming to town, but for those who are here and might want to
expand. We have a nice community that attracts people."
He said currently, a food processing facility is looking for sites in Illinois.
"It would involve a 200,000-square-foot building with 400 potential jobs," he said. "It's very preliminary, but there is
potential growth there."
Bowman said the biggest project that Highland is working on is the peripheral route, which will be a roadway that
circumnavigates Highland.
"This project was in the city strategic planning back in 1994 which I was a part of," Bowman said. "I happened to head up
the traffic committee at that time so I'm very close to this project."
Bowman said Highland has traffic problems already and they're only going to get worse.
"This is something that will take a long time," he said. "Right now we're focusing on the northeast quadrant. It will take
at least the rest of my term to get that done, if not more."
The route will take a lot of traffic off of Poplar Street, a major north-south thoroughfare in Highland. After the
completion of the northeast quadrant, the city will begin work on the northwest, then southwest and finally, southeast.
Overall, Bowman said the projection to complete all the work will probably be 20 years. The northeast quadrant is expected to
be completed in 2005.
Personally, Bowman said he has a couple of goals. One he will reach this summer. He said he has always wanted to perform on
stage and became a part of Hardroad Theatre Productions in Highland, where he landed a part in "Joseph and the Amazing
Technicolor Dreamcoat."
His other goal is to raise good children that become contributing members of society. With three children, aged 8, 11 and
13, Bowman said he tries to lead by example.
"I volunteer in a lot of activities with the church and in the community," he said. "We try to be there for all of their
numerous activities, too. If I can raise three kids who are contributing members of society, then I feel I've done a good
job."
Professionally, Bowman's long-term goal is to grow Terra Properties and focus his efforts on maintenance and construction
services.
"I want to be able to look back and be proud of it," he said.
graphic designer and staff writer: Vicki Bennington 
email: vbennington@ibjonline.com
|
