The city council approved an agreement between the city and developers of a student housing complex to be built in the parking lot south of the Gold’s building in downtown Lincoln.
The agreement approved Monday governs the use of tax increment financing, or TIF, requires the developer to follow stricter guidelines on exterior building materials, landscaping and energy efficiency, and requires the developer or lender to purchase the bulk of the TIF bonds.
The multi-use building, to be built on the block bordered by 10th, 11th, M and N streets, would include two- to five-bedroom units for a total of 585 students. It would include main-floor retail space, a second-floor outdoor pool and indoor/outdoor exercise area and a below-ground parking garage.
Chicago-based Argent Group and CA, formerly Campus Acquisitions, have formed a limited liability joint venture to build the apartment complex aimed at college students.
Last week the council approved committing $8.1 million in tax increment financing to support construction of the project, but the redevelopment agreement was held for a week to iron out minor details, according to Rick Peo, chief assistant city attorney.