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The HRA unanimously approved Resolution 2026-1 authorizing a development agreement and related tax-increment-financing documents for the 8th Street Apartments project. Staff said expected rents were approximately $1,300 per month, below typical market rates for comparable properties.
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The approval allows the HRA to provide financial assistance through TIF District No. 26 for the proposed apartment development, subject to the project meeting prior planning and development approvals. The HRA also supported developing a $30,000, zero-interest micro-loan program for downtown businesses affected by 1st Avenue NE reconstruction, with loans of up to $5,000 per business; a formal recommendation is expected in March. Staff also reported that redevelopment planning for the former County Government Center is progressing, including preparation of an environmental review document.
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