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Council approves $1.4 million TIF loan for Trailside Village pilot workforce housing project
Summary
The City of Hastings approved a plan modification and $1.4 million tax-increment financing loan for a 28‑unit pilot housing project called Trailside Village after a public hearing and discussion about rents, product type and long‑term goals. The measure passed 7–1.
The Hastings City Council on a 7–1 vote approved a plan modification and expedited micro‑TIF request to support Trailside Village, a 28‑unit “build‑to‑rent” pilot housing development planned for about 3.5 acres southeast of East 30th Street and West Laux Drive.
The development team, represented by Dave Rippy of Trailside Village LLC, told the council the project is intended to deliver workforce housing that the team hopes will be rentable now and sellable later. “It’s a long term play for affordable housing, and, we’ll see if it works out,” Rippy told the council during the public hearing.
Nut graf: The council approved a $1,400,000 TIF loan that staff and the developer said is needed to make the project financially feasible. City staff and the Community Redevelopment Authority concluded the pro forma shows a negative cash‑on‑cash…
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