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Commission recommends $80,000 TIF loan for Brandt Rentals project at 811 West First
Summary
The Planning Commission voted 6-0 to recommend a redevelopment plan modification that would provide an approximately $80,000 tax‑increment financing loan for a new commercial building at 811 West First proposed by Brandt Rentals; staff said the project would generate roughly $8,700 in annual TIF and would not be feasible without TIF.
The Hastings Planning Commission voted 6-0 to recommend approval of a redevelopment plan modification for a proposed commercial building at 811 West First that would include an approximately $80,000 tax‑increment financing (TIF) loan to make the project feasible.
City planner Amber Batslau told the commission the applicant, Brandt Rentals, requested about an $80,000 TIF loan and that staff’s analysis shows the project would generate roughly $8,700 annually in TIF increments; without the TIF assistance, Batslau said, the project would have a negative cash‑on‑cash return and would likely not occur.
Batslau said the property sits in Redevelopment Area Number 1, designated blighted and substandard in March 1987 and re‑designated in November 2017, and that the proposed commercial building conforms with the comprehensive plan’s downtown commercial designation in the 2025 plan under adoption. The staff report included a funding and value breakdown showing projected taxes and TIF revenue streams.
Applicant Jeff Brandt briefly described plans for a new commercial building and said he has used TIF for previous downtown projects. Commissioner Rakesh moved the recommendation and Commissioner Sean seconded; the commission voted 6‑0 to recommend approval to the City Council.
The recommendation will go to the City Council for final action on the redevelopment plan modification and any TIF loan documents.
