Tonight’s North Platte City Council meeting will include a pair of public hearings and votes tied to Pacific Place Apartments’ proposed expansion with assistance from tax increment financing.
An amended agenda published Monday includes public comments and consideration of a long-term “workforce housing incentive plan.”
The added item will immediately precede a public hearing and vote on Shults PP Development LLC’s redevelopment plan for adding 48 units south of the 64-unit Pacific Place complex at 500 N. Pacific St.
Both hearings had been anticipated for tonight since the expansion plan’s July 24 debut before the council. But formal discussion and action on the long-term document was inadvertently left off the original agenda published Friday, city officials said.
Council members used a nonvoting public work session Monday night to review 2018’s Legislative Bill 496 and other matters related to the long-term document.
They would use the proposed “workforce housing incentive plan” in judging the Pacific Place expansion and future projects seeking to use LB 496, said Mike Jacobson, chairman of the Community Redevelopment Authority.
LB 496 enables construction costs for single-family and multifamily “workforce housing” projects to be eligible for gradual TIF reimbursement from property taxes generated by increases in a project’s taxable value.
The new law didn’t alter TIF’s classic use by developers to slowly recapture costs of installing needed city infrastructure like streets and utility services. State law cuts off TIF reimbursements after 15 years.
Under either “classic” TIF or LB 496, projects must be in areas officially judged “blighted and substandard” under state law. Council members in March granted the designation to the neighborhood including Pacific Place.
The Shults firm and Lincoln’s Perry Reid Properties, partners in Pacific Place, would seek TIF reimbursement of no more than $850,000 of the expansion’s $5.5 million construction cost. That amount would be used to hold down the new units’ rental rates.
Even if council members approve the long-term document and Pacific Place’s redevelopment plan, the project still will need a conditional use permit to proceed under the complex’s current zoning, city officials have said.
If the expansion moves forward Tuesday night, the Planning Commission and City Council would hold public hearings and votes on the permit on Aug. 27 and Sept. 3 respectively.
Tonight’s meeting begins at 7:30 p.m. in the council chamber at City Hall, 211 W. Third St. Other agenda items include a resolution moving future regular meetings to 5:30 p.m., as noted in Sunday’s Telegraph.