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Commission backs TIF for Veil Side Village pilot workforce‑housing project
Summary
The Planning Commission voted 6-0 to recommend a redevelopment plan modification that would use tax‑increment financing to support Veil Side Village, a proposed infill project on about 3.56 acres that staff and the applicant described as a pilot workforce‑housing development using factory‑built homes and a layered financing approach.
The Hastings Planning Commission voted 6-0 to recommend a redevelopment plan modification to provide tax‑increment financing for Veil Side Village, a proposed infill housing project on roughly 3.56 acres in Redevelopment Area 14 that staff described as workforce housing.
City staff said the project, proposed by Queen City Development and brought forward by the Hastings Community Redevelopment Authority on the developer’s behalf, would accommodate up to 31 dwelling units under the plan modification and would require TIF assistance for financial feasibility. “The project is feasible and conforms with the comprehensive plan,” staff said, adding the development likely would not occur without TIF because the pro forma shows negative cash flow absent public assistance.
Developer Dave Rippey described Veil Side Village as a pilot and an experiment in bringing lower‑cost owner‑occupied product to market. He said the plan calls for factory‑built homes supplied by Bonneville (a division of Chief Industries), with units sited as duplexes and triplexes, individual lots, basements with 9‑foot sidewalls, and two‑hour party walls for eventual sale. Rippey said the financing strategy combines TIF, submarket loans from a philanthropic lender, land purchase assistance, and other subsidies to lower costs; he described the project as “a big experiment.”
Staff and the developer gave slightly different unit counts in the hearing: staff summarized up to 31 units; Rippey described 11 duplexes (22 units) plus two triplexes (six units) for 28 total units in his presentation. Rippey and staff both said the plan is to initially rent units to stabilize the development and then sell units over a 7‑to‑10‑year horizon using attrition rather than a lease‑to‑own structure.
Commissioner Michelle moved to recommend approval; Commissioner Joe seconded. The commission voted 6‑0 to recommend the plan modification to the City Council.
If the City Council approves the redevelopment plan modification and TIF package, staff said the developer will return with rezoning and final plat requests to implement the site layout and unit construction.
