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Committee backs North End Phase 2 TIF request to fund mixed senior, multifamily and ‘attainable’ housing
Summary
Old Town and Avenue Development presented North End Phase 2 — a mixed project including 72 townhome‑style rental units and a 70‑unit age‑restricted Viva Benet building — and requested tax increment financing bonds. The committee voted unanimously to forward a positive recommendation to full council.
Old Town and its development partner Avenue Development asked the Finance, Utilities and Rules Committee to recommend approval of a TIF bond request for North End Phase 2, a mixed‑use project the presenters said would add market and senior rental units and support an existing attainable‑housing component.
Justin Moffitt of Old Town described the project and its financing approach: “we raised equity so that we had a permanently owned community asset,” he said, explaining a crowdfunded equity structure and a trust arrangement intended to retain ownership and modest returns for local investors. Moffitt said Phase 1 included 68 units with 40 permanently set aside as attainable for adults with intellectual and developmental disabilities; Phase 2 would add 72…
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