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Council approves $6.34 million TIF for 176-unit 70 Second Farnham apartment project after heated public comment
Summary
After extended public comment focused on affordability and neighborhood impact, the City Council approved a tax-increment financing (TIF) package up to $6,336,412 for a proposed five-story, 176-unit market-rate apartment building at 70 Second and Farnham Streets by a 6–1 vote.
The Omaha City Council approved a tax-increment financing commitment of up to $6,336,412 for the proposed 70 Second Farnham Apartments, a five-story project that the developer estimates will cost about $43,500,000 and include 176 market-rate apartments and one retail bay.
Don Seaton of the City Planning Department described the site as vacant and said the project “complies with our master plan, densifies the city core” and “asks for your approval.” Donors and developers supplied project figures at the hearing: a $43.5 million development and a TIF request of $6,336,412.
Opponents at the public hearing urged the council to deny TIF support or…
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