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Community Redevelopment Authority votes yes on TIF funding housing project

(KNOP)
Published: Feb. 9, 2020 at 5:01 PM CST
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A majority vote moved a plan forward to develop some land in western North Platte.

The North Platte Community Redevelopment Authority met Friday to discuss and review a redevelopment plan for a planned apartment complex at the corner of Lakeview and West A streets.

They considered a cost-benefit analysis for Tax Increment Financing of the housing project.

"I think it’s critical that whatever we do that phase 1 has to include apartment construction out of the gate, as I read this I was saying we had what 10 years?" asked Mike Jacobsen, chair of the Community Redevelopment Authority.

The President of Dial Property Management LLC, Brian Reilly, reassured Jacobsen that Phase 1 of the plan does include hosing, not just commercial.

"Well I think as long as we’re going to get the apartments coming out of the ground in 2020 and doing those 80 units, that I don’t have any issues with the Phase 1 plan," said Jacobsen.

With TIF funding, Dial Properties plans 80 apartments and four commercial buildings in Phase 1 to be built in 2020, if approved.

Everyone voted yes except Vice Chairman Robert Stefka who abstained from the vote as he has ties to the current site owner being a real estate agent. The item now moves on to the City Council for their consideration.

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