Geary Redevelopment project approved by Norfolk city council
In a unanimous decision, the Norfolk city council approved a proposed redevelopment plan, inching the project closer to full approval.
By News Channel Nebraska
NORFOLK, Neb. -- In a unanimous decision, the Norfolk city council approved a proposed redevelopment plan, inching the project closer to full approval.
Last night's vote was the fourth step in getting the Geary Redevelopment project approved, which aims to provide new businesses and apartments to the area. In order for the project to move forward, it must now be passed by the Community Development Agency for final approval.
The total cost of the redevelopment project is estimated to be $24,712,736, with construction on the first of three phases beginning this spring if approved. The plan provides up to $4,853,274 of tax increment financing (TIF) for the project and for it not to exceed TIF eligible expenses, which are currently estimated to be $3.2 million.
According to the city council agenda packet, the redevelopment project is not economically feasible without TIF, as the cash flow would be negative without it.