Planning Commission Considers Tax Financing District

On Monday, the Hastings Planning Commission deliberated a resolution to affirm that the Hastings Downtown Redevelopment Area and Tax Increment Finance (TIF) District No. 9 conforms to the City’s Comprehensive Plan. Community Development Director John Hinzman presented a summary of the request, and the Commission voted 7-0 to recommend adopting the resolution. According to information provided to the Commission, HEDRA and the City Council are undertaking the process to establish a tax increment financing (TIF) District for development of an apartment building containing approximately 87 units to be developed by NJS Development at the northwest corner of 4th and Bailey Streets. The site is currently owned by HEDRA and is subject to a purchase agreement with NJS for redevelopment. The property was purchased by the Housing and Redevelopment Authority in 2006 in order to redevelop the former UBC Lumber site. The Resolution will be forwarded to the City Council for consideration on February 18.

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