A three-story building, with apartments above the offices of SSH Architects in northeast Lincoln, is one of two tax increment financing projects on Monday’s City Council agenda.
SSH Architects, with offices near 84th and O, was looking for a building in Havelock. What they found instead was vacant land at the corner of Ballard Avenue and 63rd Street. The site is adjacent to a park and close to all the amenities Havelock has to offer, said Kevin Hittle, SSH Architect president.
The architectural firm plans to have its offices, with room to grow or to lease to others on the first floor, with eight two-bedroom apartments that overlook Havelock Park on the second and third floors, he said.
“It seemed like a good thing for the company and a good thing for Havelock,” Hittle said.
The $1.2 million project will include $110,000 in TIF that will be used by the redeveloper for site preparation, for sidewalk and alley improvements and for windows and a brick facade that go beyond Lincoln design standards, the TIF proposal says.
Hittle said he hopes to break ground this construction season, if the council approves the TIF agreement and bond.
The land value is expected to rise from the current $79,600 to around $1.2 million with construction of the three-story building.
TIF projects use the property tax revenue generated by the increase in assessed value to pay for the TIF-related improvements.
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Generally, the city uses a bond that is repaid over 15 years using the property taxes paid by the property owner. After 15 years the additional property tax revenue goes to various local governments.
The council will also conduct a public hearing Monday on Antelope Square, a $6 million town home development near Antelope Creek.
Assurity Life Insurance Co. and NeighborWorks Lincoln are working together on the project, which eventually will have 24 homes on the blocks bounded by 22nd and 23rd streets, Q and R streets.
The row homes -- duplexes to six-plexes -- are expected to be be sold to people who will live in the homes. At least 10 of the homes will be sold to moderate income, first-time homebuyers, who will receive downpayment assistance.
The city expects to provide around $825,000 in TIF financing, with $340,000 for the first phase and $485,000 for the second phase of the redevelopment project.
TIF in Phase 1 will be used to help with the cost of purchasing the property, for site preparation and improving the alley and, facade enhancement. Phase 2 TIF will be used for purchasing the property, according to the agreement with the city.
The value of the Antelope Square property, $533,900, is expected to rise to more than $4.8 million with the new town homes.