Developers of the Lied Place residences and city officials pleaded with city council on Monday for providing additional funding of $ 716,000 in tax increases for what will be the city’s second tallest building.
The Lincoln-Lancaster County Planning Commission recommended an amendment to the redevelopment agreement for the 20-story condo at 11th and Q streets that would increase TIF dollars from $ 5 million to $ 5.7 million .
The city council listened to the proposal on Monday and will vote on it next week. No board member expressed any objection to the change.
Tax increase funding allows developers to use the additional property taxes generated by a project to pay for certain items, such as site acquisition, demolition, relocation of utilities, and increased capital. ‘energetic efficiency.
More than half of the additional TIF money will go to the city for the improvement of the streetscape and the improvement of the attached parking lot, which, according to the director of urban development, Dan Marvin, will include the replacement of the elevator. and some work possible in the halls.
Developers will receive an additional $ 250,000 to pay for the increased costs of the building facade.
Lied Place Residences, approximately 250 feet high, has 35 condos and will also include offices and a restaurant on the first floor.