Project includes $ 285,000 to restore dilapidated apartments south of downtown Lincoln | Local government
The redevelopment plan for Sky Park Apartments, Lincoln’s first high-rise apartment building in downtown Lincoln, includes $ 285,000 to rehabilitate dilapidated apartments in the downtown area south.
Assuming city council approves the redevelopment deal next week, the money will go into a fund to help rehabilitate rental housing in the area, a priority in the downtown south redevelopment and strategic plan that the board approved earlier this year.
The city has negotiated with developers on several residential projects that are using tax increase funding to include multiple affordable housing units as part of their projects to increase the number of affordable housing in the city.
The developers of Sky Park will use $ 1.3 million in TIF to rehabilitate the skyscraper, built in 1963 at 13th Street and Lincoln Mall, but the $ 285,000 for south of downtown will not come from this. .
This is because Sky Park is part of a TIF neighborhood created to help the downtown south rehabilitate the homes in that neighborhood.
The city has used the TIF neighborhood in other parts of the city, according to Dan Marvin, the city’s director of urban development, including Havelock and along North 27th Street. In the TIF neighborhoods of the neighborhood, the increase in land value goes to projects contributing to the revitalization of this neighborhood.