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Council approves $3.6M TIF support for 180-unit affordable project at 2501 Center
Summary
Council approved a TIF request of about $3.6 million to support demolition and redevelopment at 2501 Center Street into 180 income-qualified apartment units and 18 row houses, with total project investment near $56–57 million.
City Planner Bridget Hadley described a redevelopment plan at 2501 Center Street that would demolish two large vacant industrial buildings and construct two apartment buildings with 180 income-qualified units plus 18 row houses, using low-income housing tax credits as a substantial part of the financing stack.
"All of the units will be for income-qualified households using low income housing tax credits," Hadley said, and staff recommended the project met TIF criteria and aligned with the city's master plan. A representative of the developer said the site has been an eyesore and emphasized the public-safety and neighborhood improvements expected from redevelopment.
Council approved the TIF resolution 6–0.
