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Council approves TIF for Stoddard School redevelopment into 25 senior apartments
Summary
The council adopted Resolution 7493 to add Plan Modification 25-1 for the Stoddard Redevelopment Project, clearing the way for a roughly $5.8 million, 25‑unit senior housing conversion funded in part by TIF.
The Beatrice City Council voted unanimously to adopt Resolution 7493, approving plan modification 25‑1 to the redevelopment plan for Redevelopment Area No. 2, clearing a step for Hoppe Development’s adaptive‑reuse project at the former Stoddard School.
City officials and Hoppe Development representatives described the project as a roughly $5,800,000 redevelopment that will convert the school building into 25 rental units targeted to seniors (age 55 and older). Connor Menard of Hoppe Development said the project will keep much of the existing building fabric and begin demo and asbestos abatement soon, with major construction starting once remaining funding sources close in May. "We did acquire the project last week, and we're looking to start some demo work and some asbestos abatement here shortly," Menard said. He said the developer hopes to begin lease‑up in the first quarter of 2026.
Menard said the project will use Nebraska Investment Finance Authority (NIFA) financing and that 80% of the units will be set for households at 60% of area median income or below; the remaining 20% will be market rate. "This is an affordable housing project with NIFA... 80% of the units are [for households at] 60% of area median or below," Menard said.
Councilmember Tobias explained that adopting the plan modification permits the city to move back to the Community Redevelopment Authority (CRA) to finalize the redevelopment agreement; staff said a draft agreement had been provided to the developer and that final filings and deeds will follow once agreements are complete.
A motion to pass Resolution 7493 was made, seconded and passed 8 to 0. The council’s adoption of the plan modification authorizes the next steps in the TIF and redevelopment agreement process but does not itself finalize loan documents or construction contracts.
