New TIF District Proposed in Hastings

The City of Hastings has received an application from NJS Development, LLC to consider Tax Increment Financing (TIF) to help support a proposed apartment building to be constructed on a portion of the former UBC site in the downtown area. Information provided to the City Council indicates that Northland Securities has provided a schedule for review of the application which requires a public hearing. A resolution presented to the Council does not approve TIF funding, but rather approves calling for a public hearing regarding the consideration of the TIF application. If ultimately approved, the Tax Increment Financing District would be within the boundaries of the railroad tracks to the east, Tyler Street to the west, 1st Street to the north, and 4th Street to the south. The resolution was placed on the Consent Agenda for the December 20th meeting.

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