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Commission recommends plan modification for middle‑school redevelopment; TIF cited as necessary to make project feasible
Summary
The planning commission recommended a plan modification for the middle‑school redevelopment project, endorsing use of a $1.8 million TIF bond as part of a financing package; commissioners heard that the project would create 68 apartments and rely on several grant and loan sources. Vote recorded as 5 in favor, 1 opposed, 1 abstention.
The Hastings Planning Commission on Jan. 21 voted to recommend approval of a plan modification for a middle‑school redevelopment project that the CRA and developer say is not financially feasible without tax‑increment financing.
Staff presented the plan modification (Plan Modification No. 2026‑1) for Redevelopment Area No. 1, describing the redevelopment area as approximately 1.69 acres and noting a pro forma in which a proposed TIF bond issue of $1,800,000 would be paid down with the increment over 15 years.
"The TIF bond issue would be $1,800,000 and the next 15 years…
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