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City approves nonbinding MOU to explore TIF support for HME Companies' Block 3 project
Summary
The council approved a memorandum of understanding to work with HME Companies on evaluating a possible tax-increment financing (TIF) district for a proposed roughly 135-unit multifamily development on Block 3 of the Jack Paul Addition; the MOU is nonbinding and does not commit the city to a TIF amount.
The Vermillion City Council on Monday approved a nonbinding memorandum of understanding (MOU) to work with HME Companies as the developer explores tax-increment financing (TIF) for a proposed multifamily development on Block 3 of the Jack Paul Addition.
City staff said HME plans roughly 135 multifamily units on just under four acres and estimates approximately $1.4 million in eligible project costs; the developer has requested an MOU to show financing partners a city willingness to consider a TIF. Staff briefed the council that the MOU does not bind the city to a dollar amount or to entering into a TIF; any TIF district would still follow statutory and local procedures including review by the Planning and Zoning Commission and subsequent council action.
The packet noted the land is under contract and the developer aims to secure project financing by Aug. 3, 2025. Staff recommended approval; councilors thanked the councilor who worked on the proposal and moved to approve the MOU. The motion carried without recorded opposition.
