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Council adopts TIF No. 11 project plan, authorizes developer agreements for Stencil Group multifamily project
Summary
The council approved the TIF No. 11 project plan and related developer agreements to support construction of an estimated 220–230 rental units in a phased multifamily project on the south side of Roosevelt Street; staff said the first phase (about 118 units) would begin this year.
The Vermillion City Council on May 5 voted to adopt the project plan for Tax Increment Financing District No. 11 and authorized related developer agreements with Stencil Group (NJS Development) to support a multi-phase apartment development on the south side of Roosevelt Street.
The council heard from city staff that the base assessed value for the identified block is $23,953, that the developer is requesting $6,000,000 of TIF-eligible assistance for site and infrastructure work, and that the total project is forecast at about $23,000,000 with roughly $17,000,000 of non-eligible costs as described in the project plan. Staff and the Planning and Zoning Commission recommended approval.
Nut graf: Adoption of the project plan and execution of the developer agreements clears key legal and financing steps for…
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