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Developer seeks 12-year pay-as-you-go housing TIF for 39-unit Fourth Lane Flats
Summary
504 Developments LLC told the Kasson City EDA it is seeking pay-as-you-go housing tax increment financing for a proposed 39-unit building (Fourth Lane Flats), asking for a 12‑year term and income-restricted units at 60% AMI; staff will review an updated pro forma and return a recommendation at the next EDA meeting.
Kasson City Economic Development Authority members heard a presentation from developer Jamie Judish of 504 Developments LLC about a proposed 39‑unit apartment building the team is calling Fourth Lane Flats and asked staff to review updated financials before the board takes a funding recommendation.
Judish said the project would sit on Fifth Street near the Sixteenth interchange and, as currently designed, would have 39 units over underground parking, with approximately one parking stall per unit. He said the developer is requesting a pay‑as‑you‑go housing tax increment financing package and told the EDA, "we are requesting the 4060% TIF," and that the group is asking for a 12‑year term: "We would ask for 12 because…that gets us through the uncertainty of the first…"
Why it matters: the developer said the TIF is the final funding piece to make the project viable. The proposal includes an…
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