Council adopts Beatrice Commons plan modification to advance TIF-backed housing project
Summary
The council unanimously approved a plan modification for Beatrice Commons, clearing the way for a project that includes an estimated 35-unit apartment building and about 16 townhomes. Staff estimated the development would generate roughly $1.2 million in tax increment financing and carry an assessed valuation near $8.3 million when complete.
The Beatrice City Council voted 7-0 to adopt plan modification 25-3 for Redevelopment Area No. 13, known as the Beatrice Commons redevelopment project.
Staff presented a site plan showing a project south of the Good Samaritan Center and east of the YMCA that would include an apartment building of roughly 35 units and approximately 16 townhomes. Staff said the townhomes are intended to be sold on the market, the streets would be public, utilities are planned to be placed underground, and the developer anticipates site work and a possible spring groundbreaking. Staff provided an estimated final assessed valuation of about $8.3 million and said the project could generate approximately $1.2 million in tax increment financing (TIF).
Council discussion noted the project is large and in a strategic location for downtown-adjacent housing and economic development. One council member thanked local developers and businesses for contributing to momentum on downtown projects and observed that while the apartment complex is proposed as 55+ (limited in employment impacts), the townhomes are market rate housing that could support workforce housing needs.
The public hearing on the plan modification closed with no public comments; the council then adopted resolution 7658 to approve plan modification 25-3 by a 7-0 vote.
Staff and council left details such as exact unit dimensions and final developer plans to future permitting and development agreements.
