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Arapahoe approves TIF-backed Redevelopment Plan and agreement for R Perry workforce housing project
Summary
The Community Redevelopment Authority and City Council adopted amendments and an agreement authorizing tax-increment financing for the R Perry Redevelopment Project to build workforce housing; both bodies found the project would not be feasible without TIF and approved the CRA to execute the agreement.
The Community Redevelopment Authority of the City of Arapahoe and the Arapahoe City Council on Oct. 22 approved an amendment to the city’s Redevelopment Plan and a redevelopment agreement authorizing tax-increment financing (TIF) for the R Perry Redevelopment Project, a workforce housing development.
The CRA adopted Resolution No. 2024-26, which incorporated a cost-benefit analysis and concluded the project would not occur in the redevelopment area and could not be financed but for the use of TIF. The CRA then adopted Resolution No. 2024-27 approving the form of a redevelopment agreement and authorizing the CRA chair to execute the agreement and to issue TIF indebtedness repayable solely from the tax increment generated by the project.
On the same evening the City Council considered and adopted Resolution No. 2024-30, formally approving the Redevelopment Plan Amendment after a public hearing and following a Planning Commission recommendation, and Resolution No. 2024-29 approving the form of the Redevelopment Agreement with R Perry Construction, Inc. Motion to approve the council resolutions was made by Councilman Chris Middagh and seconded by Councilman Paulsen; the roll-call vote recorded Kreutzer, tenBensel, Paulsen, Carpenter, Polston and Middagh in favor. The council declared the motions carried.
The resolutions reference and rely on the Community Development Law (Neb. Rev. Stat. §§ 18-2101 to 18-2157) and the TIF statute (Neb. Rev. Stat. § 18-2147). The CRA record states a Project Cost Benefit Analysis is attached to the Redevelopment Plan Amendment as Exhibit C; that analysis and the redevelopment agreement were filed for public inspection with the city clerk but are not included in the meeting transcript.
Neither the CRA nor the council spelled out dollar amounts for the TIF issuance or the project's total development cost in the meeting minutes; the CRA resolution states that any TIF indebtedness shall be repaid solely from the tax increment and "does not represent the general obligation of the CRA or the City." The CRA motion to adopt Resolutions 2024-26 and 2024-27 was made by CRA Member tenBensel, seconded by CRA Member Kreutzer; roll-call votes were tenBensel, Carpenter, Middagh, Polston and Kreutzer in favor.
Next steps recorded in the minutes indicate the CRA chair is authorized to execute the redevelopment agreement after city council approval and to take actions necessary to consummate the agreement. The public hearing on the Redevelopment Plan Amendment was held in conformity with the Open Meetings Act as noted in the record. The council adjourned after completing its business.
