Community Redevelopment Authority votes yes on TIF funding housing project

The Community Redevelopment Authority meets in the City Hall conference room Friday to discuss the use of Tax Increment Financing for a housing project proposed at the corner of Lakeview and West A streets in North Platte. (Source: Holly Barraclough, KNOP TV)

NORTH PLATTE, Neb. (KNOP) - 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.

Read a previous story KNOP did here.