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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 require affordable units. Cheryl Weston, who testified at length, said the project “does not fit the TIF funding as it was originally designed by the Nebraska Legislature,” and raised concern that the development would not add affordable units in a city that “has an affordable housing deficit of 30 to 40,000 houses.” Luis Jimenez and others cited rent levels included in the project materials: studio units at about $1,100, one-bedroom units at about $1,650 and two-bedroom units at about $2,425, which opponents said would be out of reach for households earning low incomes.
Developer representatives defended the project’s role in increasing housing supply and connecting to the city’s new library. Brett West, representing the developer, said the site had buildings “beyond their useful life,” described the development as adding housing and ground-floor commercial space and said the project would “link to the library” and enliven 70 Second Street. He also said his firms manage other neighborhood apartments and that those properties show sustained demand.
Council members discussed TIF mechanics and neighborhood impacts. Councilmember Amy Melton explained funding mechanics: the developer borrows privately and increased property taxes generated by the new development repay the developer’s loan; she said the city won’t be using general funds and that TIF loans often pay off faster when property values rise. Councilmember Danny Begley and Councilmember Rowe highlighted comparative tax revenue scenarios, contrasting current taxes collected from the vacant lots (about $26,000) with projected taxes on the completed development (estimated roughly $740,000 annually on assessed value estimates in the application).
A motion and second to approve the project carried on a roll call of 6–1. The official final tally recorded the resolution as approved 6 to 1. No additional conditions were attached in the council motion recorded in the public hearing.
