FOUNDRY APARTMENTS Government Contracts in Nebraska

Norfolk's CDA authorizes $4,015,810 tax increment revenue bond issuance to support Foundry Apartments Redevelopment Project, intended to create a taxable real property valuation of not less than $20,514,295 by January 1, 2025. Bond has 5% intrest rate.

Foundry Apartments, LLC redevelopment contract amended. The contract has an intended completion date of December 31, 2025, and involves the division of taxes with an effective date of January 1, 2025, with the option to defer to January 1, 2026.

Redevelopment contract with Foundry Apartments, LLC, approves the Foundry Apartments Redevelopment Project. The project consists of constructing five 36-unit apartment buildings, a clubhouse, pool area, and six 12-unit garage structures. Total project costs are expected to be over $26 million, with tax increment financing providing $4,015,810 of this cost.

Resolution No. 2022-23 recommends approval of the Redevelopment Plan for the Foundry Apartments Redevelopment Project and authorization to forward to the City Council. The redeveloper is requesting TIF of $4,015,810. Total project costs, including private improvements, is expected to be over $26 million.

Foundry Apartments, LLC, seeks $4,015,810 in tax increment financing for its redevelopment project. The project involves constructing a multi-family housing apartment complex with approximately five 36-unit apartment buildings in Norfolk, Nebraska. The TIF is deemed necessary for the project's economic viability.