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Rochester EDA creates TIF District 86 to support 133-unit Lowertown apartment project
Summary
The Rochester Economic Development Authority (EDA) established Development District 86 and Tax Increment Financing District 86-1 and approved a development assistance agreement with Rochester Lowertown Apartments LLC for a 133-unit apartment project; proposed assistance totals about $3.9 million as a pay-as-you-go TIF note.
The Rochester Economic Development Authority (convened during the council meeting) established Development District 86 and Tax Increment Financing (TIF) District 86-1 and authorized a development assistance agreement with Rochester Lowertown Apartments LLC for a proposed five-story, 133-unit apartment building in Lowertown.
Staff described the project as a redevelopment TIF district addressing a previously blighted block between Eighth and Ninth Streets NE, west…
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