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Fremont approves $450,000 LB840 award for 18-unit West Side housing project
Summary
The council approved a $450,000 performance‑based local option economic development award for a West Side development of nine duplexes (18 rental units); staff said forgiveness is structured over five years and eligibility is assessed at the end of the contract.
The Fremont City Council on July 14 approved a $450,000 local option (LB840) economic development award to the applicant listed in the agenda packet for a West Side housing project.
Plan administrator Angie Olsen told the council the application (described in the packet as a nine‑duplex project, 18 units total) aligns with city housing goals and that staff recommended a $450,000 award in performance‑based forgivable funds — equal to $25,000 per unit. Olsen explained the forgiveness structure is five years with one‑fifth eligible per year and noted the contract documents in the packet spell out specific performance metrics and forgiveness eligibility; she said payment becomes eligible for forgiveness at the end of the five‑year term.
Corey Christiansen, identified in the meeting packet as representing the applicant, was present. Councilwoman Lathrop said she and other council members had reviewed the project and supported the award. No public comment was recorded. The council approved the award by a 6–0 vote.
Staff will return with contract documents and performance metrics as part of the award implementation process.
