Morris council approves TIF district to back 60‑unit apartment project

The Morris City Council on Aug. 12 voted to create a tax‑increment financing district to help finance a proposed 60‑unit apartment building that developers say would set aside 20% of its units for lower‑income renters.

City financial adviser Nick Anut told the hearing the housing TIF tool freezes a property’s base taxable value and directs taxes generated by increased value into a city TIF fund. Under the city’s proposed pay‑as‑you‑go arrangement, the city would remit 95% of the annual increment generated by the new property toward a TIF note that could reimburse the developer for up to $900,000 of qualifying project costs, Anut said. The project’s current pro forma estimates a total development cost of about $10.3 million and a post‑development assessed value near $5.5 million.

The developer’s representative, Samuel of Unique Opportunities, described the plan as market‑rate housing with amenities — in‑unit washers and dryers, an elevator that allows accessible…