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Broken Bow council approves TIFs for two redevelopment projects to add housing
Summary
The City of Broken Bow on July 11 approved four resolutions to authorize tax-increment financing applications and redevelopment agreements for two housing projects — an Eagle Crest subdivision amendment backed by CEDC and an eight-unit Prairieland Addition project by MW Real Estate; vote totals were recorded on the minutes.
The City of Broken Bow City Council on July 11 approved a series of tax-increment financing (TIF) actions intended to support two local housing redevelopment projects.
Council approved Resolution 2023-5, a TIF application from the Custer Economic Development Corporation (CEDC) for an amendment to the Eagle Crest Second Subdivision, and Resolution 2023-6, a redevelopment agreement associated with that application. The public hearing on the CEDC application opened at 6:12 p.m. and closed at 6:16 p.m.; the council approved the resolutions by roll call (Res. 2023-5: Smith, Baltz and Holland voting aye; Res. 2023-6: Holland, Smith and Baltz voting aye). The meeting minutes note CEDC Executive Director Keith Ellis said the TIF is intended "to make housing in Broken Bow truly affordable." Specific dollar amounts or the TIF capture schedule were not specified in the minutes.
The council also opened and closed a public hearing for Resolution 2023-7, a TIF application and redevelopment amendment from MW Real Estate Investment Group, LLC, and approved Resolution 2023-8, the related redevelopment agreement. Kyle Wolfe, representing MW Real Estate, told the council that two houses and a garage at 1245 North 15th Street will be demolished to construct an eight-unit apartment building with each unit planned as three bedrooms and two bathrooms. Both Resolutions 2023-7 and 2023-8 were approved by roll call (motions recorded as Holland, Smith and Baltz voting aye).
The minutes record unanimous approval for the four TIF-related resolutions; the record does not list financial terms, TIF capture percentages, or implementation timelines. The approvals authorize the applicants to proceed with the redevelopment agreements and TIF arrangements as recorded in the respective resolutions; the next steps will be execution of the agreements and any required administrative or permitting actions.
The council took these votes as part of the regular-session agenda; no substantive public opposition is recorded in the minutes. The council adjourned at 6:32 p.m.
