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Council approves $450,000 LB 840 award for 18-unit West Side rental project
Summary
The Fremont City Council approved a $450,000 performance-based award to Quad County Property Management LLC for a West Side project of nine duplexes (18 rental units), equating to $25,000 per unit. The forgivable award runs on a five-year schedule and carried 6-0.
The Fremont City Council on July 14 approved a $450,000 local option economic development (LB 840) award to Quad County Property Management LLC to support a West Side development of nine duplex buildings, totaling 18 rental units.
Angie Olsen, plan administrator, told the council the proposal "demonstrates alignment with the city's housing goals" and recommended a performance-based forgivable award of $450,000, which staff said equates to $25,000 per unit. Councilmembers asked about the forgiveness schedule; Olsen said forgiveness is structured over five years and that current contracts make funds "eligible for forgiveness after the full contract is complete." The motion to approve the award carried 6 to 0.
Councilwoman Lathrop said she had initial skepticism but, after review, supported the project. Staff noted the award is performance based and that detailed contract terms, including metrics for forgiveness, are included in the council packet. The council did not record any opposing votes.
