The redevelopment prepare for Sky Park Residences, downtown Lincoln’s very first substantial-increase condominium setting up, incorporates $285,000 to rehabilitate run-down residences in the South of Downtown spot.
Assuming the City Council approves the redevelopment arrangement upcoming 7 days, the cash will go into a fund to enable rehabilitate rental units in the region, a priority of the South of Downtown Redevelopment and Strategic Program the council accredited earlier this 12 months.
The town has negotiated with builders on quite a few household projects that use tax-increment financing to involve numerous cost-effective housing models as section of their initiatives as a way to raise very affordable housing in the metropolis.
Sky Park developers will use $1.3 million in TIF to rehab the superior-rise, designed in 1963 at 13th Street and Lincoln Shopping mall, but the $285,000 heading to the South of Downtown area will not come from that.
Which is due to the fact Sky Park falls in a TIF district developed to aid the South of Downtown location rehabilitate houses in that district.
The city has utilised district TIF in other parts of the city, in accordance to Dan Marvin, the city’s urban progress director, which includes Havelock and alongside North 27th Street. In district TIF parts, the boost in residence values goes to projects to support revitalize that district.